Fuel prices cut for the eighth time this year

October 25, 2014 | 08:47
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On October 23, the Ministry of Finance and the Ministry of Industry and Trade slashed fuel prices by VND440 to VND550, making this the eighth fuel price reduction this year.

Prices for RON95 and RON92 fuels were reduced by VND550 per litre and diesel was cut by VND480-490. Kerosene saw a cut of VND440, along with mazut, which was reduced by VND560.

RON92 is now priced at VND22,340 and the price of diesel, which has been cut 14 times, is now VND3,060, while kerosene, after the ninth price cut, is now VND2,890. The two ministries asked enterprises to use the price stabilisation fund for all types of petrol fuels to lower the prices.

According to the ministries, domestic fuel prices were cut as a result of a reduction of prices on the world market in the last 30 days. The seasonal increase in demand as winter approaches usually results in some volatility in fuel prices as anticipation of the demand rises.

The Ministry of Finance, along with the the Ministry of Industry and Trade have said that they reduced fuel prices in order to stablise the market for Tet in the case a global petrol prices increase.

Dtinews

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