Vietnam reduced fuel prices twice in H1

The retail price of A92 petroleum, most commonly used by vehicle drivers in Vietnam, dropped to 17,000 dong (US$1.03) per liter from the previous 18,000 dong (US$1.09) in mid-August. The retail price of kerosene also decreased by 1,000 dong (US$0.06) to 18,000 dong (US$1.09) per liter. On July 21, Vietnam raised the price of A92 by 31%, mainly to lower state subsidies and prevent smuggling of the product to neighboring countries. Vietnam is estimated to import 9.6 million tons of petroleum products totaling US$9.1 billion in the first eight months of this year, up 13.7% and 94.3%, respectively, according to the country’s General Statistics Office. So far, Vietnam has adjusted retail prices four times this year, with two price increases and two price reductions, compared to five times last year, with threeprice increases and two price reductions. (August 27, 2008)