Vietnam lowers fuel prices again on global decline

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Vietnam cut petroleum retail prices for the fifth time in two months as global oil prices continued to fall.

The price of 92-RON gasoline, the most common grade of fuel in Vietnam, was reduced by VND600 to VND20,600 a liter, local media reported, citing a decision by the Finance Ministry.

Other fuel products had their prices cut by at least VND200 per liter. The new prices took effect at 7 p.m. Monday.

Fuel prices had been cut twice in May and then twice earlier this month. Prior to the first reduction in May, gasoline prices stood at a high of VND23,800 per liter.

The Finance Ministry has also raised fuel import taxes four times this year, with the tariff on gasoline now standing at 10 percent. News website VnExpress said the ministry plans to raise the taxes by another 2 percentage points.

Brent crude oil fell to US$96 a barrel on Monday after weak data from Europe and Asian economies including China, the world's top energy consumer, deepened concerns about the global economy, Reuters reported. It said US crude shed $1.80 to a low of $83.16.

Prior to the fall, oil prices surged last week due to some optimism on European economies.

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