Aug. 28 - Vietnam decreased fuel prices for the second time in a row this month. Gasoline prices will be cut from VND18,000 to VND17,000 a liter while kerosene from VND19,000 to VND18,000.

On August 14, the government cut the price of 92-RON gasoline by VND1,000 a liter in response to dropping world crude prices. Compared to a record US$147.27 a barrel last July 11, crude oil futures have dropped by 21 percent.

Aug. 15 - Vietnam has reduced the price of gas by up to 5.3 percent beginning today. The new prices reflect the drop in world oil prices of more than 20 percent from July.

"The government has ordered us to reduce prices following world price declines," a Petrolimex official told Thanh Nien News.

May 12 - State-owned, PetroVietnam announced efforts to control rising fuel and fertilizer costs by increasing domestic natural gas production and finding cheaper import alternatives.

In a press conference, the company vowed to cut waste and concentrate in its core business, saving an estimated VND550 billion (US$34.4 million).

"PetroVietnam will still inject capital into key projects for ports, warehouses and shipping fleets, but it will cease putting capital into real estate construction projects and other less-effective projects," management board member, Phan Thi Hoa, told VNS.

He said the company would review all projects and direct capital only to highly-prioritized projects.

April 17 - The country’s first Dung Quat Oil Refinery is scheduled to operational by February 2009 according to a senior official from Viet Nam Oil and Gas Corp (PetroVietnam). The refinery will also produce petro-chemical products including fuels and liquidified gas.

Made at a cost of US$2.5 billion, the refinery will deliver 6.5 million tons of products annually by the end of the second quarter. This will answer 50 percent of domestic fuel demand.