Petrol prices slide over VND600 per litre in 7th cut of the year

The prices of RON 92 petrol and bio-fuel E5 slid VND665 and VND604 per litre, respectively, from 3:00 pm on July 20, according to the Ministry of Industry and Trade and the Ministry of Finance.

The two ministries issue a joint decision on the base fuel prices every 15 days, depending on the fluctuation of world oil and gas prices since the previous announcement.

Photo for Illustration (Pho to: Thai Thien).

They decided to make no change to the prices of diesel 0.05S, mazut and kerosene this time.

It was the third fuel price cut after five hikes in a row and the seventh cut since the beginning of this year.

RON 92 and E5 are now sold at no more than VND15,303 and VND14,843, respectively per litre, while the ceiling prices of diesel and kerosene remained at VND12,298 and VND10,667 per litre.

The global price of RON 92 during the 15 days up to July 20 averaged US$50.141 per barrel, down about US$5 while the average price of diesel 0.05S was US$55.304 per barrel, down US$2, the ministries said.

Furthermore, the ministries decided to remove subsidies on RON 92 and E5 which were priced at VND426 and VND467 per litre, respectively, from the fuel stabilisation fund in the last announcement.

The subsidy on diesel was reduced from VND472 per litre to VND51 per litre.

(Source: NDO)