Vietnam gasoline prices fall for first time since July 21

Retail gasoline prices in Vietnam were reduced by VND690-900 ($0.04) per liter on Monday, marking the first reduction after seven consecutive hikes since July 21.

The price of RON 95-III gasoline went down VND900 to VND24,840 ($1.02) per liter, while that of E5 RON 92 dropped to VND23,500 ($0.96), down VND690.

The prices of diesel and kerosene were kept unchanged at VND23,590 ($0.97) and VND23,810 ($0.98) per liter, respectively. The price of mazut oil fell VND390 to VND17,450 ($0.72) per kilogram.

For this price adjustment, the Ministry of Industry and Trade and the Ministry of Finance decided to maintain the level of deductions from different types of gasoline and oil for the national gasoline price stabilization fund.

Since the beginning of the year, domestic fuel prices have seen 28 adjustments, including 16 increases, eight declines and four times unchanged.

According to the ministries, the world petroleum prices have decreased in the past 10 days amid a mix of factors that included possible tight supply after Saudi Arabia and Russia decided to cut production by 1.3 million barrels a day until the end of December, Russia's relaxed ban on fuel export, and potentially weaker demand on higher interest rates.

The average price of RON 92 decreased by nearly 6%, to $101.49 per barrel, while that of RON 95 was $106.83 per barrel, down 6.3%. The prices of oil products also dropped by 0.6-1.7%, ranging from $122.81 to $123.36 per barrel.

Vietnam’s consumer price index (CPI) in September rose 1.08% from August due to higher prices of fuel, rice, and house rents, according to the General Statistics Office. The CPI was up 3.12% over December 2022 and 3.66% over September 2022, all below the target of 4.5% for this year.

Core inflation rose 0.26% from a month ago and 3.80% from a year ago.