Following five consecutive increases, the retail prices of gasoline in Vietnam have dropped for the first time amid falling global oil prices.
The popular gasoline grade RON 92 is now sold at VND16,186 (71 US cents) per liter, down 2 percent, as decided by by the Ministry of Industry and Trade and the Ministry of Finance. The ministries are tasked with reviewing retail prices for adjustment after every 15 days.
The greener gasoline E5 that the Vietnamese government has been struggling to promote has seen a 2.1 percent drop to VND15,647 (69 cents) per liter.
It was the fifth decline in pump prices in Vietnam since the beginning of this year.
On the other hand, the ministries increased the prices of diesel by around 3.2 percent to VND12,298 (54 cents) per liter.
In Singapore, Vietnam's major import source, RON 92 dropped around 2.8 percent to $56.47 per barrel in the past 15 days, while oil increased 1-3.4 percent, according to figures released by the Ministry of Industry and Trade.