The price of petrol fell by VND500 from 6pm on April 9 as per the decision of the Ministries of Finance, Industry and Trade.
|Petrol price fell by VND500 a liter on April 9 (Photo: SGGP)|
The Ministry of Finance calculated retail petrol price to be VND42-481 higher than distribution price, and hence the decision to slash rates. Basic distribution price is inclusive of import price, taxes, surcharges and pre-tax profit margin.
According to the Vietnam National Petroleum Group, the price of A92 gasoline is now VND24,050 per liter.
Price of diesel also fell by VND450 to cost VND21,450 a liter. Engine oil price, however, remains unchanged.
After many periodic price hikes, and use of price subsidized fund to stabilise the market, this is the first reduction in petrol price since November last year.