Ministries instruct oil price cut, unchanged gasoline

Ministries of Finance and Industry and Trade on July 18 instructed wholesale businesses to reduce retail prices of diesel, kerosene and engine oil by VND136-174 per liter or kilogram and keep gasoline prices unchanged.

Minimum cut rate is VND140 per liter diesel, VND136 per liter kerosene and VND174 a kilogram engine oil.

According to the ministries, gasoline retail price is VND174 lower than basic price after using VND500 from the price subsidization fund. Therefore, they permitted businesses to use an extra of VND170 per liter from the fund to keep the price unchanged.

After a petrol price hike on July 7, the world prices have been on down trend but still high, the ministries reported.

The prices averaged US$123 per barrel of Ron 92 within 30 days beginning June 18 until July 17. It was US$121 per barrel of diesel and kerosene, and US$611 per ton of engine oil.

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By Ham Yen – Translated by Hai Mien

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