Gasoline prices drop

RON95 gasoline was sold at VND23,440 ($0.99) per liter starting 3 p.m., down 1.35% from a week ago.

Biofuel E5 RON92’s price went down 1.23% to VND22,540.

Diesel dropped 3.2% to VND28,860, its second decline in a row.

The Ministry of Industry and Trade and Ministry of Finance, which are in charge of adjusting fuel retail prices, said that average diesel prices in the last 10 days plunged 5% globally, while gasoline prices only dipped marginally.

They added that the costs of delivering fuel from foreign sources to Vietnam and from refineries to ports were factored in to retail prices Tuesday.

Many retailers had recently demanded that the government should fix a minimum commission of 5-6% of retail price of petroleum products so that they do not have to sell at a loss.

But the Ministry of Planning and Investment opposed this when recently asked for its opinion on a bill on fuel management of the Ministry of Industry and Trade.