December 22, 2014 / 9:00 AM / 4 years ago

Vietnam's Petrolimex cuts retail fuel prices by up to 11 pct

HANOI, Dec 22 (Reuters) - Vietnam’s Petrolimex said on Monday it has lowered the retail prices of oil products such as petrol, diesel and fuel oil by between 8 percent and 11 percent, following lower global oil prices.

As of 1500 (0800 GMT), a litre of 92-octane petrol was lowered by 10.29 percent to 17,880 dong ($0.84), while fuel oil was cut 11.4 percent to 13,130 dong per litre, the state-run firm which dominates domestic distribution networks said in a statement on its website (petrolimex.com.vn).

Diesel with 0.05 percent of sulphur was cut 7.7 percent to 16,990 dong per litre, the statement said. This is the second price cut in a month and the country’s biggest adjustment of oil product prices in recent years.

Vietnam’s annual inflation would likely stay under 3 percent in 2014, the lowest since 2003 based on government data, Prime Minister Nguyen Tan Dung has said. ($1=21,370 dong) (Reporting by Ho Binh Minh; Editing by Muralikumar Anantharaman)

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