Hanoi (VNA) – Vietnam cut retail gasoline and diesel prices from 15:00 on October 15, with the ministries of industry and trade and finance setting aside 200 VND per litre of biofuel gasoline for the petroleum price stabilisation fund.

The ministries also drew 500 VND per kg from the fund for fuel oil, financed by a temporary advance from the State budget.

The ceiling for E5 RON92 gasoline was set at no more than 26,971 VND (1.03 USD) per litre, down 732 VND from the previous cap and 58 VND below E10 RON95-III. E10 RON95-III was capped at 27,029 VND per litre, down 1,225 VND, while 0.05S diesel was capped at 29,106 VND per litre, down 22 VND.

Fuel oil moved the other way: the 180CST 3.5S grade was capped at 22,135 VND per kilogram, up 1,043 VND from the previous ceiling.

The Ministry of Industry and Trade will work with other agencies to monitor whether fuel traders are meeting their obligation to keep the market supplied, and will deal strictly with any violations.

Both ministries continue to watch the market closely so they can announce prices in line with Government directives, and will promptly propose price stabilisation solutions to the Government and the Prime Minister./.