Vietnam cuts fuel prices for 2nd time in a month

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Fuel prices were cut for a second time in less than a month on April 18 as global prices declined.

The industry and trade and finance ministries ordered retailers to reduce prices of all oil products except fuel oil, citing the continuing fall in global fuel prices since the first reduction on April 9.

The price of A92, the most popular variety of gasoline in Vietnam, is down 1.7 percent to VND23,640 (US$1.13) per liter, and that of diesel and kerosene by 0.47 percent and 0.9 percent to VND21,350 and VND21,400.

The price of A92 has thus fallen by VND910 over the two cuts, while a price hike in March saw it go up by VND1,430, a move that attracted severe criticism.

The Ministry of Finance also announced a hike in fuel import tariffs after keeping them down a long time, saying this would benefit all: consumers, fuel traders, and the exchequer.

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The tax has been hiked by 2 percentage points to 14 percent on A92 gasoline, to 10 percent on diesel, and 12 percent on fuel oil and kerosene.

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