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Article: Vietnam slashes petroleum retail price

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Xinhua News Agency
Article date:
August 13, 2008
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Vietnam slashes petroleum retail price

HANOI, Aug. 14 (Xinhua) -- Vietnam lowered its retail price of standard petroleum by nearly 5.3 percent from Aug. 14 due to dropping world oil prices, the country's Finance Ministry announced Thursday morning.

The retail price of A92 petroleum, most commonly used by vehicle drivers in Vietnam, declined to 18,000 Vietnamese dong ( VND) (nearly 1.1 U.S. dollars) per liter from previous 19,000 VND (over 1.1 dollars). On July 21, Vietnam raised the price by 31 percent, mainly to lower state subsidy and prevent smuggling of the product to neighbor countries.

Vietnam, adjusting retail prices of petroleum products five times last year, has so far this year ...

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