Retailers of biofuel in Vietnam cut prices by two percent on Thursday in an effort to boost consumption.
Petrolimex, Vietnam’s leading fuel importer and distributor, decreased the price of biogasoline E5 RON 92, the fuel containing five percent of ethanol, by VND320 to VND15,350 (72 U.S. cents) per liter.
According to the company, the decrease was made following the decline of global oil prices over the past time.
Petrolimex kept the prices of other fuel products unchanged.
Recently, Prime Minister Nguyen Tan Dung promised to make the price of the biogasoline VND300-500 per liter cheaper than that of 92-RON gasoline, the most popular grade of fuel in Vietnam, to boost consumption.
92-RON gasoline retails at VND15,670 (73 U.S. cents) per liter.
Vietnam’s major cities started selling E5 on a trial basis last year. The rest of the country will follow soon.