Gasoline companies cut pump prices by VND200-500 a liter, the second decrease this year, following orders from the Finance Ministry late Tuesday.

The price of A92, the most popular type of gasoline in Vietnam, has been cut by VND500 (2.6 US cents) to VND15,990 a liter.

The price of kerosene, which is mostly used in rural areas for cooking, fell by VND300 to VND14,700.

Diesel is VND200 cheaper at VND14,400.

The ministry said it has stopped subsidizing fuel companies through the so-called “stabilization fund,” adding gasoline prices have dropped to $80 a barrel in Singapore, Vietnam’s major supplier.

Fuel companies make a profit of VND500 on a liter of gasoline and VND300 on others, according to the ministry.

On May 27 too fuel companies had announced a VND500 cut in retail oil prices.

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