Fuel retailers in Vietnam cut prices by around 4 percent on Tuesday, bringing them to the lowest levels in five years, local media reported.
Petrolimex, Vietnam’s leading fuel importer and distributor, has lowered the price of 92-RON, the most popular grade of gasoline in the country, by VND580 to VND15,350 (98 US cents) per liter.
The price of E5, a bio-fuel grade containing 5 percent of ethanol, has also been cut by 4 percent, to VND14,759 (66 US cents).
According to the company, the adjustments were made following the decline of global oil prices over the past week.
Pump prices in Vietnam are reviewed for adjustment every 15 days by a joint task force from the Ministry of Finance and the Ministry of Industry and Trade.
The ministries said the price of 92-RON gasoline in Singapore, Vietnam’s major supplier, was sold at $48.60 a barrel on average over the last 15 days, down around 5.4 percent from the previous fifteen-day period.
This is the second adjustment this year, following a cut of more than 3 percent on January 4.