Kerosene and diesel prices start falling

Diesel and kerosene prices, including value added tax, started decreasing at 11am yesterday while petrol and other oil prices remained unchanged, according to the Ministry of Finance (MoF).

The ministry stated that diesel prices fell by VND400 per litre and kerosene by VND300 to VND20,400 and VND20,200 per litre respectively. Meanwhile, retail prices for RON 92 petrol and RON 95 petrol were unchanged, respectively standing at VND20,800 and VND21,300 per litre.

According to MoF information, petrol companies around the country would continue to use the Price Stabilisation Fund at the currnet rate of VND300 per litre while there would be no change in petrol and oil import tax rates.

"Adjustments have been based on global changes in petrol and oil prices," the ministry confirmed, adding that it had studied pricing methods in discussion with the Ministry of Industry and Trade before making any decreases. The Viet Nam National Petroleum Corporation (Petrolimex) announced that it had accordingly adjusted prices at all of its retail stores nationwide.

On August 26, the MoF decided to cut petrol prices by VND500 per litre. The ministry additionally cut financial assistance via the Price Stabilisation Fund in relation to petroleum products from VND400 to VND300 per litre.

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