VINACHEM

The ministries of Industry and Trade and Finance released a joint statement yesterday asking fuel wholesalers to reduce retail prices of oil by VND136-174 (6-8 US cents) a litre starting from 5pm yesterday.

Petrol prices were increased in Viet Nam on July 7 but, since then, the global price has declined slightly.

The ministries told traders not to increase petrol prices because, by using the price stabilisation fund they could mitigate any losses.

The retail price of petrol remains at VND25,640 ($1.22) per litre.

Under Government's Decree 84/2009/ND-CP traders can adjust petrol prices up to 7 per cent in line with world prices.

According to the two ministries, prices for diesel oil and kerosene have risen on world markets.

Therefore, they were told to cut prices by VND136-174 per litre.