Vietnam extends cuts in retail fuel price

HANOI (Xinhua): Vietnam has cut the retail prices of gasoline and other oil products by up to 2.7 per cent in the second reduction this year due to a recent drop in global oil prices, Vietnam News Agency reported on Wednesday (March 1).

Gasoline prices inched down by 0.52 per cent to 23,320 Vietnamese dong (US$0.97) per litre for RON95 bio-fuel and 22,420 Vietnamese dong for E5 RON92, the agency cited the Ministry of Industry and Trade as saying.

Diesel prices went down by 2.7 per cent to 20,250 Vietnamese dong per litre, and kerosene fell by 1.8 per cent to 20,470 Vietnamese dong.

The changes took effect from 3pm local time on Feb 28.

Local importers and distributors of oil products said the price adjustments followed a recent drop in gasoline prices in Singapore of about 4 per cent.

Vietnam imported about 1.9 million tonnes of oil products from January to February this year, up 43 per cent from the same period of 2022, according to the General Statistics Office.

Gasoline and diesel accounted for most of the imports of the South-East Asian country, among which many spot cargoes came from Singapore and Malaysia.

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Vietnam , fuel , prices


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