Vietnam Extends Cuts In Retail Fuel Prices

Vietnam Extends Cuts In Retail Fuel Prices

HANOI, May 5 (NNN-VNA) – Vietnam lowered retail prices of gasoline and oil products further, on uncertain global outlook, the Ministry of Industry and Trade said, yesterday. Gasoline prices fell around 5.5 percent to 22,320 Vietnamese dong (0.94 U.S. dollars) per litre for RON95 bio-fuel, and to 21,437 dong for E5 RON92, said the ministry.

Diesel prices dropped 5.9 percent to 18,254 dong per litre, while kerosene prices dipped 4.9 percent to 18,528 dong.

The cut, effective from 3:00 p.m. local time yesterday, was made in line with a slowdown in international oil markets, amid worries about the recent turmoil in the global banking system, global recession risks, and the latest interest rate hike in the U.S., the ministry said, in an online statement.

Fuel prices have retreated, giving some relief to consumers in Vietnam, after the government raised the average retail electricity price by three percent yesterday, in a move that could cause inflation expectations to increase. (1 U.S. dollar = 23,635 Vietnamese dong)


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