Vietnam cut fuel prices by roughly 2 percent as of 6 pm Tuesday, less than two weeks after a 6 percent hike raised concerns for businesses about higher production costs.
Petrolimex, Vietnam's top oil importer and distributor, said it had lowered its retail price for 92-octane petrol, the most popular grade, to VND24,050 per liter. Diesel cost was reduced to VND21,450 per liter from VND21,900, and kerosene lowered to VND21,600 from VND22,050.
Earlier in the afternoon the Ministry of Finance, in a public statement, suggested that fuel traders adjust their retail prices, which were higher than the "basic prices" set by the ministry, according to a report on the news website Tien Phong.
The basic prices were calculated based on the 30 day average of global fuel production costs and other factors, the report said.