Fuel retailers in Vietnam cut prices by around 5 percent on Wednesday, creating a new record low in five years, local media reported.
Petrolimex, Vietnam’s leading fuel importer and distributor, has lowered the price of 92-RON, the most popular grade of gasoline in the country, by VND729 to VND14,713 (66 US cents) per liter.
The price of E5, a bio-fuel grade containing 5 percent of ethanol, has also been cut by 3 percent, to VND14,263 (64 US cents).
The price of diesel was cut by 6 percent to VND9,580 (43 cents) per liter. Kerosene was also given a 5 percent cut to stand at VND8,905 (40 cents).
This is the third cut at the pumps since the beginning of the year.
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.