Vietnam's ministries of Industry and Trade and Finance announced another reduction in retail fuel prices on the afternoon of November 12, with the new rates taking effect at 3 pm.
An attendant refuels a vehicle at a petrol station in Ho Chi Minh City (Photo: Nam Anh)
Petrol prices were cut by VND 1,500 (USD 0.06) per litre for E5 RON 92 and VND 1,310 (USD 0.05) per litre for E10 RON 95-III. Following the adjustment, E5 RON 92 was priced at VND 19,390 (USD 0.76) per litre, while E10 RON 95-III fell to VND 19,840 (USD 0.77) per litre.
Diesel prices fell by VND 1,870 per litre to VND 26,820 (USD 1.05) per litre , while mazut fuel oil dropped by VND 2,260 per kilo to VND 19,740 (USD 0.77) per kilo.
Under the latest adjustment, the authorities also decided to contribute VND 600 (USD 0.02) per litre of petrol and VND 1,000 (USD 0.04) per kilo of mazut to the fuel price stabilisation fund.
The latest cuts mark the fourth consecutive reduction in domestic petrol prices, while diesel prices have fallen for three consecutive adjustment rounds. Fuel prices in Vietnam are now lower than those in many other countries in the region.
On international markets, oil prices fell by more than USD 1 a barrel on November 12, as hopes for progress in peace negotiations in the Middle East and an easing of the Russia-Ukraine conflict helped ease concerns about potential supply disruptions.
Rising output from the OPEC+ alliance and a sharp increase in US crude oil inventories also put downward pressure on prices.