VINACHEM

In addition, the price of diesel and gasoline was cut by VND700 per litre to VND20,400 and Mazut by VND650 to VND18,250 per kg.

This is the third petrol price reduction of the year after prices were raised twice in March and April at a total of up to VND3,000 (14 cents) per litre. The first and second petrol price reduction came to VND500 and VND600 in May.

The ministry said the reduction aims to ensure the rights and interests of consumers, the State and enterprises. On June 4, the import price of A92 petrol was cut to $104.91 per tank, a reduction of $22-24 compared with one month ago, while gasoline fell by $109.91 per tank. Prices were reported to have fallen since the end of May.

The import tax on petrol has been increased by 4 per cent, diesel by 3 per cent, while gasoline and mazut by 5 per cent. The ministry said the continuous reduction of the world petrol price is a favourable condition to recover import tax while lovering domestic retail prices.

The ministry proposed to offer VND300 per litre in support from the Price Stabilisation Fund. -- VNS