Vietnam's state-owned Petrolimex, which accounts for more than half of domestic oil product sales, has cut its gasoline, diesel and kerosene retail prices but kept fuel oil rates unchanged, effective Monday, the company said in a statement on its website Monday.
The price adjustments were approved by Vietnam's Ministry of Finance and were based on recent movements in international oil markets, the company said.
Prices of its gasoline rates were reduced to Dong 25,810/liter ($1.2) for 95 RON grade and to Dong 25,310/liter for 92 RON, both down 1.2%.
The price of 0.05% sulfur diesel was cut to Dong 22,330/liter while 0.25% sulfur diesel was reduced to Dong 22,280/liter, both down 1.5%.
The kerosene price was cut by 1.5% to Dong 22,460/liter.
Meanwhile, Petrolimex kept its fuel oil prices unchanged at Dong 18,810/kg for 3% sulfur 180 CST grade, at Dong 18,510/kg for 3.5% sulfur 180 CST grade and to Dong 18,410/kg for 380 CST grade.
Most other oil companies in Vietnam typically make the same price adjustments as Petrolimex, resulting in almost uniform prices nationwide.
Local oil retailers last adjusted prices on July 18 when they cut diesel, kerosene and fuel oil prices by 0.6-0.9% but kept gasoline rates unchanged.
Around 70% of Vietnam's oil product demand is met by imports, with the remainder supplied by the country's sole 130,000 b/d refinery at Dung Quat.
