Gasoline price drops in Vietnam as global oil price slips
8/10/2008 17:02
The Vietnam National Petroleum Corporation, or Petrolimex, which supplies
70 percent of the country's retail gasoline, has decided to cut the A92 gas
prices by 500 Vietnamese dong (US$0.03) to 16,500 dong (about US$1 ) per liter
from today, in response to tumbling world oil price, The Youth reported
today.
This is the third price cut since August in Vietnam. The first cut was
in mid August with A92 gas dropping 1,000 Vietnamese dong (VND), or about
US$0.06. The second cut took place two weeks later, with the price further down
by another US$0.06.
The decision is in response to the government's call to
reduce fuel costs amid the recent drop in world oil prices, said an official
with Petrolimex.
Global crude oil price hit a record high of US$147.27 per
barrel in July. It hovered around the US$88 -per-barrel mark yesterday, the
lowest level for months.
Vietnam is a large importer of gasoline and diesel
in Asia. The country boasts crude oil resources, but it currently has no oil
refining capability.
Vietnam's first oil refinery named Dung Quat is
scheduled to begin operation next February, with an annual processing capacity
of 6.5 million tons.
Xinhua
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