HANOI, May 4 (Xinhua) -- Vietnam lowered the retail prices of gasoline and oil products further on uncertain global outlook, the Ministry of Industry and Trade said on Thursday.
Gasoline prices fell around 5.5 percent to 22,320 Vietnamese dong (0.94 U.S. dollars) per liter for RON95 bio-fuel, and to 21,437 dong for E5 RON92, said the ministry.
Diesel prices dropped 5.9 percent to 18,254 dong per liter while kerosene prices dipped 4.9 percent to 18,528 dong.
The cut, effective from 3:00 p.m. local time, was made in line with a slowdown in international oil markets amid worries about the recent turmoil in the global banking system, global recession risks, and the latest interest rate hike in the U.S., the ministry said in an online statement.
Fuel prices have retreated, giving some relief to consumers in Vietnam after the government raised the average retail electricity price by 3 percent on Thursday in a move that could cause inflation expectations to increase. (1 U.S. dollar = 23,635 Vietnamese dong) ■