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Petrol importers and traders have to reduce retail petrol prices by VND 500 a liter, starting from 13:00 August 16, Ministry of Finance’s Decision 73 issued on the morning of August 16 stipulated.
Accordingly, unleaded petrol RON 95 will be reduced to VND 11.600 a litre, RON 92, VND 11,300 a litre, RON 90, VND 11,100 a litre and RON 83, VND 10,900 a litre.
The decision is made under the guidance of the Prime Minister in case of emergency, the Ministry of Finance said.
The decision has also requested that administrative organisations practise thrift in using petrol. Production and trading enterprises are responsible for reducing prices of their products on the basis of reduction in petrol prices.
The decision will be valid until the Ministry of Finance issues another decision when the market stabilises again, said Mr Nguyen Tien Thoa, head of the MoF’s Price Management Department.
With this new retail prices, petrol traders still gain profits.
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