The Ministry of Finance has decided to lower petrol prices by VND300-VND700 per litre beginning June 21, the fourth cut so far this year. Retail prices of petrol RON 92 have been cut from VND21,900 to VND21,200 per litre. Retail prices of petrol RON 92 have been cut from VND21,900 to VND21,200 per litre Retail prices of diesel dropped from VND20,500 to VND20,100 per litre; while a litre of kerosene was cut to VND20,050 from VND20,400 and fuel oil 3.5S down by VND300 to VND17,950 per kilo. In addition to the price cuts, the ministry decided to maintain the current contribution to the petroleum price stabilisation fund at VND300 per litre. The decision takes effect from 4pm on June 21. This is the fourth price cut in the domestic market since the beginning of this year, as a result of falling global prices. So far this year, a litre of petrol has dropped VND2,600. Petrol prices were cut by VND650-VND800 per litre on June 7. Prices of petrol A92 in Singapore have continued to decline since early April this year. On June 19, FOB prices for petrol A92 in this market dropped to USD98.5 per barrel from USD101.62 on June 18. Despite rising to USD98.8 per litre, the level remained at its lowest level for the past two years. The Ministry of Finance also decided to raise petroleum import taxes. The import tax on petrol increased by 3% to 10%; while, tax of diesel, kerosene and fuel oil rose 2% to 8% and 10% respectively. Vietnam tours
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