Vietnam Reduces Retail Petroleum Prices

The Vietnamese government asked petroleum enterprises to reduce retail prices of petroleum products by 500 Vietnamese dong (3 U.S. cents) per liter starting from Thursday afternoon.

Under the decision of the Finance Ministry, the retail price of one liter of petroleum product RON 95 decreased to 11,600 VND (72 cents), RON 92 to 11,300 VND (71 cents), RON 90 to 11,100 VND (69 cents), and RON 83 to 10,900 VND (68 cents), Vietnam News Agency reported Thursday.

The Vietnamese government has recently urged ministries and sectors to ensure that this year's price growth will be lower than the targeted economic growth of 8.5 percent, asking them to center on keeping on reforming pricing management mechanisms, especially those on essential goods, and preventing speculation and trade frauds.