A fuel station in Hanoi. Photo: Ngoc Thang
Retail gasoline prices in Vietnam reduced by 1.5 to 3.3 percent today after four consecutive hikes since March.
The adjustment came as the world fuel prices have declined by nearly 1 percent over the past 15 days, the Ministry of Finance and the Ministry of Industry and Trade said in a joint-statement.
Vietnam's most popular gasoline grade 92-RON now sells at VND20,380 (around 93 cents) per liter.
Meanwhile, the new bio-fuel grade E5, which has been promoted by the government, is priced at VND20,050 per liter.
The new prices of diesel and kerosene are VND15,793 and VND14,878 per liter, respectively, while FO price has been adjusted to VND12,306 per kilogram.
Under the latest order, retailers continue to contribute VND527 from every liter of fuel they sell to the fuel price stabilization fund, which was established in 2009 to subsidize prices during periods of high global prices or when the government wants to keep prices low.
For E5, the fee is set at VND362 per liter.