Vietnam gasoline retail prices drop second time in 10 days

Each liter of gasoline is cut by VND510-580 ($0.21-0.24), while oil products (excluding mazut) are decreased by VND570-600 (0.24-0.25) starting at 3 p.m. Thursday.

This is the first time domestic fuel prices are fixed every Thursday under Decree 80 that amends decrees 95 and 83.

According to the Ministry of Industry and Trade and the Ministry of Finance, the price of RON 95-III gasoline dropped by VND510 ($0.21) to VND23,020 ($0.95) per liter; and that of E5 RON 92 by VND580 ($0.24) to VND21,690 ($0.89) per liter.

This is the second time gasoline prices have decreased since November 13.

Kerosene and diesel prices also decreased Thursday. Diesel prices fell VND600 ($0.25) per liter to VND20,280 ($0.84) while that of kerosene fell VND570 ($0.24) to VND20,940 ($0.86) per liter.

The price of mazut increased slightly by VND10 per kilogram to VND15,630.

The inter-ministerial committee tasked with retail fuel price management has refrained from using the price stabilization fund.

Domestic fuel prices have been adjusted 32 times since the beginning of the year. They have increased 17 times, decreased 11 time and remained unchanged four times.

According to Trading Economics, WTI crude futures fell towards $76 per barrel and Brent crude futures fell below $81 per barrel Thursday, extending losses from the previous session. Official data showed that US crude inventories jumped by about 8.7 million barrels last week, way above forecasts for a 1.16 million barrel increase.