Vietnam's state-owned Petrolimex, which accounts for more than half of domestic oil product sales, cut its diesel and kerosene retail prices marginally but kept gasoline and fuel oil rates unchanged, effective late Thursday, according to a statement on the company's website.

The price adjustments were approved by Vietnam's Ministry of Finance and were based on recent movements in international oil markets, the company said.

The price of 0.05% sulfur diesel was cut to Dong 22,530 ($1.05)/liter while 0.25% sulfur diesel was reduced to Dong 22,480/liter, both down by 0.66%.

The kerosene price was slashed by 0.5% to Dong 22,370/liter.

Petrolimex kept its gasoline rates unchanged at Dong 25,400/liter for the 95 RON grade and at Dong 24,900/liter for 92 RON.

The company kept prices for all fuel oil grades unchanged -- the price for 180 CST fuel oil with 3% sulfur content was at Dong 18,590/kg, for 180 CST fuel oil with 3.5% sulfur content at Dong 18,290/kg and for 380 CST high sulfur fuel oil at Dong 18,190/kg.

Most other oil companies in Vietnam typically make the same price adjustments as Petrolimex, resulting in almost uniform prices nationwide.

Local oil retailers last adjusted prices on April 22, when they increased gasoline, diesel and kerosene prices by 0.6-0.8% but reduced fuel oil rates by 0.4%.

Around 70% of Vietnam's oil product demand is met by imports, with the remainder supplied by the country's sole 130,000 b/d refinery at Dung Quat.

Dung Quat was shut on May 19 for a planned maintenance and is expected to resume operations on July 2, state-owned PetroVietnam's Binh Son Refining and Petrochemical, the operator of the facility, said in a statement earlier this month.