First price change of the year effective from 3pm on January 4.
The Ministry of Industry and Trade and the Ministry of Finance have decided to reduce gasoline prices for the first time in 2016.
From 3pm on January 4 the price of Ron 92 was cut to VND16,032 ($0.71) per liter, down VND373 ($0.02) compared with the previous price. The price of E5 bio-fuel was also cut, to VND15,339 ($0.68) per liter, down VND571 ($0.03).
0.05S diesel was cut VND865 ($0.04) per liter, to VND11,200 ($0.49).
According to the Ministry of Industry and Trade, the average gasoline price around the world from December 22 to January 3 was $51.3 per barrel of RON 92 barrel and $42.2 per barrel of 0.05S diesel.
In 2015 gasoline prices were increased six times and cut 12 times.