The price will fall by VND200 to VND13,800 per litre of kerosene, by VND300 to VND12,800 per litre of diesel oil and by VND500 per litre to VND15,200 for A92 petrol. The price of fuel oil remains unchanged at VND11,800 per litre.

This is the first reduction in prices after seven increases since April.

Dealers still have to contribute VND300 per litre of diesel oil to the petrol price stabilization fund and pay VND1,000 per litre of petrol for loans they receive from the State.

Domestic dealers were asked to make the price cuts following recent falls in world petrol and oil prices.

On September 28 in Singapore, which is a major supplier of fuel products to Vietnam, the price for A92 petrol was at US$66.7 per barrel, US$70.78 per barrel for diesel oil and US$408.76 per barrel for fuel oil, a drop from the previous day.

Domestic dealers said average prices of petrol and oil prices in the period from September 18 to 28 declined 11 percent to US$74.61 per barrel of A92 petrol, 6 percent to US$75.51 per barrel of diesel oil and 4 percent to US$427.8 per barrel of fuel oil compared with the previous 10 days.

Retailers said there was a clear trend of reduce in those prices and US$66.7 for a barrel of A92 petrol was the lowest for the last 30 days.

At the price, retailers can earn more than the level of VND301 calculated on September 18 when the Government decided not to reduce retail petrol prices, despite a fall in wholesale prices.