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Vietnam cuts retail fuel prices for second time in March

HANOI, March 21 (Xinhua) -- Vietnam has cut retail fuel prices on Tuesday, the second time this month as international crude oil prices have recently eased, local media reported.

Gasoline retail prices were reduced by around 3 percent to 23,030 Vietnamese dong (0.97 U.S. dollars) per liter for RON95 bio-fuel, and 22,020 dong for E5 RON92, while the prices of other oil products were slashed by up to 6 percent, said the Ministry of Industry and Trade.

Diesel prices were cut by 5.86 percent to 19,300 dong per liter while kerosene prices were slashed 6.1 percent to 19,460 dong, the trade ministry said in an online statement.

The changes took effect from 3 p.m. local time.

On March 1, local firms cut petrol prices by around 2.7 percent, citing lower global oil prices.

Global oil prices have been heading lower for the past month on worries about the prospect of interest rate hikes in the United States slowing growth and hitting fuel demand.

Fuel prices have dropped between 3.7 percent and 9 percent during the last 10 days on the international market, local media reported, saying that prior to the revision, major importers and distributors drastically raised commissions for local retailers in an effort to reduce stockpile.

Vietnam's total fuel supply this year is forecast to grow 15 percent from last year to meet rising demand as the country is recovering from the COVID-19 pandemic.