Reduced fuel costs lowers taxi fares in Vietnam

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Taxi companies in Vietnam are cutting their fares after gasoline prices went down for the fifth time in two months on Monday.

The fares have been reduced by between VND200-1,000 a kilometer as of Tuesday night, after the retail price of gasoline was cut VND600 to VND20,600 a liter while other fuel products had their prices cut by at least VND200 per liter, news website VietNamNet reported.

Bui Danh Lien, chairman of Hanoi Automobile Transport Association, said several taxi firms in the capital city have reduced their prices as of last week, and the rest are expected to follow this week.

Lien said passenger transport companies will not reduce their prices as there were no increases when the gasoline prices were raised.

"In the future, the association will set some price frames, and will order fare increases or reductions only when the gasoline prices fluctuate by more than 10 percent," he said.

Nguyen Manh Hung, president of the Vietnam Automobile Transport Association, listed gasoline price fluctuations this year, in which the retail price increased twice by a total of VND3,000 per liter, and reduced five times by VND2,600 per liter.

The price of diesel fuel was raised VND1,500 a liter and reduced VND1,800 a liter, Hung said.

He said the association has ordered cargo transport companies that raised their prices to reduce them now.

"Their customers will request the reduction otherwise. And the businesses will have to make sure that they remain competitive," Hung said.

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