Vietnam officially cut petroleum prices by VND300-700/litter from 4pm local time, June 21, 2012, the news provider Gafin.vn reported, citing figures from the Ministry of Finance (MoF) and the Ministry of Industry and Trade (MoIT).

In details, new gasoline price is VND21,200/litter (down VND700/litter). Diesel is cut by VND400/litter to VND20,100/litter. Kerosene is cut by VND350/litter to VND20,050/litter. Mazut is cut by VND300/litter to VND17,950/litter, the data showed.

MoF kept price stabilization level for petroleum at VND300/litter.

The decision was made amid world gas and oil prices have been continuously dropped in recent months.

RON92 gasoline was traded at $99,1/barrel on June 20, 2012 in Singapore, down more than $20/barrel from May 22, 2012. 

Kerosene also was trade at $110.98/barrel, DO 0.5s at $112.62/barrel and DO0.25S at $111.69/barrel on June 20 in Singapore. Singapore currently supplies more than 40% of petroleum for Vietnam,  according to figures from Petrolimex.

Source TEI/StoxPlus