Market and product

Domestic fuel trading firms on January 4 revised down retail prices after the ministries of industry-commerce and finance issued a joint decision ordering price cuts over the global oil price fall.

The price of A92 gasoline went down by VND370 to VND16,030 per liter, diesel by VND870 to VND11,110 per liter and kerosene by VND790 to VND10,270 per liter

In the two-week period from December 18 to January 3, the import price of RON 92 gasoline averaged US$51.39 per barrel, diesel 0.05S US$43.28 per barrel and kerosene US$44.41 per barrel. These prices fell a few dollars each barrel compared to the previous 15-day period ended December 18.

The new base prices of A92 gasoline, diesel and kerosene are VND16,032, VND11,119 and VND10,274 per liter respectively, according to the two ministries. Therefore, local fuel wholesalers were told to adjust down retail prices.

On January 4 marked the first decrease in fuel prices on the domestic market in 2016 and the third reduction since December.

Last year, after 20 rounds of fuel retail price adjustments, the price dropped by 6.7% for gasoline at the end of 2015 compared to the beginning of the same year, 28.3% for diesel and 35.3% for kerosene.