Retail gasoline prices in Vietnam dropped by more than 3 percent on Monday in the first adjustment of the year, and the second time in less than a month, following the global downward trend.
Vietnam's most popular gasoline grade 92-RON now sells at VND16,032 (71 US cents) per liter.
Meanwhile, the bio-fuel grade E5, which has been heavily promoted by the government, is set at VND15,339 (68 cents), down 3.6 percent.
The price of diesel was cut by 7.2 percent to VND11,119 (49 cents) per liter. Kerosene and mazut prices also enjoyed decreases between 7.6-9 percent to stand at VND10,274 (46 cents) and VND7,456 (33 cents) per liter.
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 $51.4 a barrel on average over the last 15 days, down around 7.4 percent from the previous fifteen-day period.
Last year fuel prices in Vietnam were adjusted 18 times, including six hikes. The last adjustment was a cut in mid December.