The Government has cut the prices of the popular A92 gasoline and diesel 0.05S by VND1,000 a liter to 12,000 with effect from today.
|A motorcycle rider buys gasoline in Ho Chi Minh City (Photo: SGGP)|
Kerosene would cost 13,000 and engine oil 3,5S 8,500 after a cut of VND500, the Ministry of Finance and the Ministry of Industry and Trade announced yesterday.
The ministries have instructed oil giant Petrolimex to sell fuel at the notified prices and clearly indicate them at its gas stations.
The Ministry of Finance also decided to hike import tax rate on petroleum products from 25 percent to 35 percent.
But it remains at 20 percent for diesel.
The global price of crude oil has fallen to around US$50 a barrel, just above a third of its peak price achieved last July.