VINACHEM

Vietnamese fuel distributors reduced the retail prices of gasoline for the seventh time this year, following an order by two ministries.

The Ministries of Finance and Industry and Trade ordered the decrease following a drop in world’s oil prices over the last month.

Starting from Monday noon, state-owned Petrolimex, Vietnam’s leading fuel importer and distributor, reduced the prices of 92-octane (92 RON), the most popular grade of gasoline in Vietnam, and 95-octane (95 RON) by 2.8 percent (VND670) to VND22,890 (US$1.08) and VND23,490 ($1.11) per liter, respectively.

Diesel (0.05 percent sulphur content) fell more than 4 percent (VND880) to VND20,240 (95 US cents) per liter, Petrolimex said in a statement.

The price of kerosene also decreased by around 4 percent (VND850) to VND20,500 (97 cents) per liter.

Gasoline prices in Vietnam have seen five hikes and seven decreases this year.