Mr Vuong Dinh Hue, minister of Minitry of Finance said that gasoline may reduce another several hundred VND a liter now, but Ministry needs more time to consider before making a decision.

Talking to the press at sidelines of the parliamentary session in this morning, Mr Vuong Dinh Hue stressed that the downward trend is clear, but Ministry wants to mornitor for few more days because the latest drop adjustment of retail price was just only 9 days ago.

According to the head of Ministry of Finance, if price in the world market continues to decline will permit Ministry to consider to lift import tax rates, apart from lowering price in domestic price.

But if price in the world market does not decrease as expectation, Ministry will consider to support directly for the number of poors.

After twice increases by total VND3,000 a liter, in May 9th, retail of gasoline in domestic market adjusted to down by VND500 a liter again. At the same time, the import tax rate also lifted to 3% from zero. Mr Hue added the import tax rate in Vietnam now is much lower than other countries in region.

In Singapore, the main import market of Vietnam, price of gasoline has fallen since late April.

In the first half of May, RON 92 gasoline dropped by 8.65% compared to the first half of April to USD122.25 a barrel. FO, kerosene and DO also reduced by 6.35%, 5.46% and 5.41% respectively. Major distributors said the basic price and retail price difference of about VND400-600 per liter will secure profit for them.

As reported by the Vietnam National Petroleum Group, the import price of fuel products continued to decline in the first half of May by 5-9% depending on the items.