Gasoline prices in Vietnam dropped VND340-390 (1.6 U.S cents) per liter and oil products by VND620-1,060 (4.3 U.S cents) per kilogram or liter, starting at 3 p.m. Monday.
The fall in prices came after two increases in consecutive weeks on October 23 and November 1.
The latest price adjustments were made jointly by the Ministry of Industry and Trade and the Ministry of Finance.
The price of RON 95-III gasoline went down VND390 per liter to VND23,530 ($0.97); and that of E5 RON 92 by VND340 per liter to VND22,270 ($0.91).
Diesel and kerosene prices fell VND1,060 and VND790 to VND20,880 ($0.86) and VND21,510 ($0.88) per liter respectively, while that of mazut dropped VND620 to VND15,620 ($0.64) per kilogram.
For the latest price adjustments, the ministries continued to not deduct prices of different types of gasoline and oil for the national gasoline price stabilization fund and refrain from using the fund.
Since the beginning of the year, domestic fuel prices have seen 32 adjustments – 18 upward, 10 downward and four unchanged.
According to the two ministries, prices in the world petroleum market in the past 13 days have seen “mixed developments” due to oil supply reductions by Russia and Saudi Arabia, U.S. dollar appreciation, and the conflict in the Middle East.
The average price of RON 92 declined 2.5% to $93.78 per barrel; and that of RON 95 was down 1.6% to $99.2 per barrel. The prices of diesel and kerosene also fell by 3.6-5% to $105.29 to $107.75 per barrel, respectively.