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Petrol, diesel prices down on world fall

Update: June, 08/2012 - 10:50
The petrol cut will ensure the rights and interets of consumers.—VNA/VNS Photo Hoang Hung

HA NOI — The retail price of petrol was slashed by VND800 (US$4 cents) to VND21,900 ($1.1) per litre yesterday. The price was cut in the context the world's price of petrol and gasoline was continuously down, the Ministry of Finance decided.

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

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

The ministry said that the reduction is aimed to ensure the right and interests of the consumers, the State and enterprises as well. In June 4, the import price of petrol A92 was cut to $104.91 per tank, a reduction by $22-24 compared with one month ago, while gasoline to $109.91 per tank. The prices were reportedly to be at low level since the end of May.

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

The ministry proposed to keep a support worth VND300 per litre from the Price Stabilisation Fund. — VNS

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