Ministry of Finance and the Ministry of Industry and Trade have instructed businesses to lower the retail price of gasoline by VND700 a liter from 4pm Monday.
One liter of Ron 92 gasoline will now cost VND21,200.
Price of diesel and kerosene also fell by VND400 and VND350 to now retail at VND20,100 and VND20,050 a liter respectively.
Price of engine oil dropped by VND300 to cost VND17,950 a kilogram.
Import tariff on petrol has increased by 3 percent to a current 10 percent.
Kerosene and engine oil tariff will also go up by 2 percent to reach 10 percent, and the same on diesel which will go up to 8 percent.
Over the last two months, petrol price has reduced four times, totaling to a reduction of VND2,600 a liter as of today’s date.
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Second reduction in petrol price in 2012
