Vietnam slashed 92-RON gasoline prices by VND500 per liter to VND23,150 on Friday evening, according to a decision issued on the same day by the Ministries of Finance, Industry and Trade.
Fuel oil will cost VND18,150 a kilogram, also down by VND500, while price of diesel and kerosene will stay the same at VND21,850 and VND21,900 per liter, respectively.
This is the first cutback since late August. Because of favorable market conditions in the first half of November the two ministries decided to apply this price adjustment.
They further explained that the 92-RON fuel price was VND522 per liter higher than the base price, made up of import price, taxes, fees, and a certain profit for importers, averaged over the last 30 days.
The ministries also asked fuel enterprises to stop taking money from the price subsidized fund so as to stabilize prices of diesel and kerosene.
Domestic retail prices have experienced 12 adjustments since the beginning of the year.