The Ministries of Industry and Trade, and Finance have announced they are to slash the retail prices of petrol and fuel nationwide by between VND500-1,000 per litre, as of December 1.
As a result, a litre of A92 petrol unleaded will now cost VND12,000, down from the previous price of VND13,000.
The new price for a litre of diesel oil will be VND12,000, down from VND13,000 and the cost of kerosene has fallen from VND13,500 to VND13,000.
The Ministry of Finance has also announced that import taxes are to be raised from 25 percent to 35 percent for petrol and kerosene. The new import tax rates will be applied starting December 2.
These adjustments have been made in the wake of a drop in prices in the global markets and are aimed at increasing the benefits to the State in the form of increased tax revenues and to consumers and enterprises, who will pay less for their fuel at petrol stations across the country.
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