The fuel prices have been cut by a maximum of VND1,198 per litre starting from September 3.
The fuel prices have been cut
The decrease was announced by the Ministry of Industry and Trade and the Ministry of Finance.
Prices for RON92 fuel was reduced from VND18,536 to VND17,338 per litre. Kerosene saw a cut of VND123, to VND12,286 along with diesel, which was reduced by VND111, to VND13,310. Prices for mazut fell VND785 per kg, to VND9,351.
This is the second largest decrease in the 11 occasions that a decision to lower the fuel since early 2015. On January 21, the fuel prices were cut by VND1,900 per litre.
According to the Ministry of Industry and Trade, in general, global fuel prices have dramatically decreased in the first half of August, enabling them to continue lowering domestic prices.
The most recent decrease on August 19, which saw RON92 price cut by VND768, led to a slight decrease in the consumer price index, according to Do Bich Ngoc, Deputy Director of the Price Statistics Department under the General Statistics Office.
