Vietnamese fuel traders slashed gasoline price by VND300 per liter on August 22 in accordance with orders from the Ministries of Finance, and Industry and Trade.
Thus, retail price of RON 92 gasoline will be VND 24,270 per liter at the most.
According to calculations by the ministries, from July 23 to August 21, although price of gasoline in the global market declined, the difference between basic price and current selling price was just enough to make a marginal profit and stop using money from the gasoline price stabilization fund.
In order to stabilize the market, the ministries ordered fuel companies to lower price by at least VND 300 per liter and continue to use VND 300 per liter from the fund.
As for diesel and kerosene, fuel companies will not increase price, while engine oil will reduce by at least VND 257 per kilogram.