Retail gasoline prices in Vietnam were reduced by nearly 2 percent Thursday as the Ministry of Finance cited global downward trend, marking the second cut this year and a month after the prices were sent to record high.
Petrolimex, Vietnam’s leading fuel importer and distributor, reduced the prices of 92-octane (92 RON), the most popular grade of gasoline in Vietnam, by some 1.94 percent (VND491) to VND24,820 (US$1,71) a liter.
“World gasoline prices are going down,” the ministry said in a statement instructing the price reduction.
Diesel and kerosene prices were cut by 0.7 percent to VND22,177 a liter and by 0.37 percent to VND22,322 a liter respectively.
The price cuts were the second this year, after the Petrolimex on July 28 reduced prices by more than one percent, following five consecutive price hikes from the beginning of the year.
A 1.62 percent price increase on July 7 pushed 92 RON gasoline to the highest-ever price of VND25,640 ($1.21) per liter just two weeks after a 1.3 percent hike.
Experts have since demanded price cuts as oil and gas prices in Vietnam’s major import market, Singapore, as well as on the New York and London stock exchanges have dropped since early July.