Starting from late January 6, most taxi firms in Ho Chi Minh City reduced their fares by VND500 a kilometer, following a cut in fuel prices earlier the same day, according to Ta Long Hy, chairman of HCMC Taxi Association.
Mai Linh announced to reduce fares to VND14,000-VND17,200 a kilometer, depending on the car used.
The move came after the price of the country’s most popular gasoline grade 92-octane (92 RON) dropped VND310, or 1.7 percent, to VND17,570 (82 US cents) a liter.
Diesel price went down VND360 to VND16,630 a liter, kerosene down VND290 to VND17,110, and mazut down VND200 to VND12,930 a kilogram.
This was the 13th consecutive fuel price cut since July 2014 and more than two weeks after the record cut of ten percent that put the price of 92-RON to the lowest in four years.
Earlier, the Ministry of Finance and Ministry of Transport has repeatedly urged transport firms to reduce their fares following drops in fuel price.
Many taxi firms only reduced their fares last November, by between VND500-2,000 (between 2 and 9 US cents) a kilometer, after nine consecutive drop in fuel price.