Petrol trading businesses have lowered petrol prices by VND310 a liter from January 6 as per instruction by the Ministry of Industry and Trade and the Ministry of Finance, making it the first reduction in 2015.
According to the Vietnam National Petroleum Group, the price of Ron 92 has reduced to VND17,570 a liter, diesel to VND16,630, Kerosene VND17,110 and engine oil VND12,930.
The contribution rate to the price subsidization fund has been reduced to VND500 a liter.
Import tariffs are increased from 27 percent to 35 percent for petrol, from 23 percent to 30 percent for diesel, from 26 percent to 35 percent for kerosene and from 24 percent to 35 percent for engine oil. The new rates become effective today--January 7.
The latest petrol price reduction was on December 22 last year.