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Petrol down again

Released at: 15:36, 04/08/2015

Petrol down again

RON 92 price cut by VND860 ($0.04) today, August 4.

by Hoai An

Retail petrol prices were cut from 3pm on August 4 under a decision from the Ministry of Industry and Trade (MoIT) and the Ministry of Finance.

The price of RON 92 fell VND860 ($0.04) per liter, to VND19,300 ($0.88), while the price for E5 was cut VND816 per liter, to VND18,800 ($0.86) per liter.

Diesel is down VND819 ($0.04) per liter to VND13,860 ($0.67), kerosene by VND638 ($0.03) to VND13,110 ($0.6), and Mazut 3.5S by VND562 ($0.03) to VND10,870 ($0.5).

Prices have increased four times and fallen four times since the beginning of the year. The highest retail price came from the adjustment made on June 19, when the price of RON 92 went to VND20,710 ($0.95) per liter.

Since May the environmental protection tax imposed on gasoline increased from VND1,000 ($0.05) to VND3,000 ($0.14) per liter while the tax imposed on diesel rose from VND500 ($0.02) to VND1,500 ($0.07). The government has also committed to reducing import taxes so they would not affect prices.

According to MoIT the average price of petroleum products around the world over the last 15 days (from July 20 to August 3) was $69.89 per barrel for RON 92, $61.46 per barrel for diesel 0.05S, and $62.83 per barrel for kerosene. 

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