Oil companies announced late Thursday a VND500 (2.6 US cents) cut in retail petrol prices, the first cut this year, at the instance of the Finance Ministry.
The price of A92, the most popular type of gasoline in Vietnam, now cost VND16,490 (87 cents) a liter.
The prices of other oil products remain unchanged, according to the ministry.
The decision was made after gasoline prices dropped to US$85 a barrel Wednesday in Singapore, Vietnam’s major supplier.
Fuel traders and importers make a profit of VND300 on each liter of gasoline they sell, according to the state-owned Vietnam National Petroleum Corp.
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