Vietnam slashes pump prices on global cues

By Anh Vu, Thanh Nien News

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A motorcyclist refuels at a gas station in Hanoi. Photo: Ngoc Thang A motorcyclist refuels at a gas station in Hanoi. Photo: Ngoc Thang
Another round of gas price cuts greeted Vietnamese motorcyclists Thursday as fuel traders lowered prices for the eight consecutive time since late July, following the finance ministry’s order.
The price of 92-RON gasoline, the most commonly used fuel in Vietnam, went down by VND550 at VND22,340 (US$1.05) per liter, effective 6 p.m. Thursday.
The diesel price was down VND480 to VND19,760 per liter. Kerosene now retails at VND20,060 per kilogram, down VND440 from earlier.
The finance ministry said fuel prices had fallen to below $110 a barrel in Singapore, Vietnam’s major supplier.
The ministry also ordered fuel traders to contribute VND300, up from the current VND100, from every liter they sell to the fuel price stabilization fund.
The fund, established in 2009, typically gets VND300 from retailers for every liter of fuel they sell, and is used to subsidize prices during periods of high global prices or when the government wants to keep prices low.

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