Following a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of diesel 0.05S and kerosene also declined VND514 and VND578 per litre respectively.
Under the joint decision, RON 92 and E5 petrol is sold at no more than VND16,371 (US$0.726) and VND16,221 (US$0.719) per litre respectively, while current ceiling price of diesel 0.05S and kerosene are VND12,509 (US$0.555) and VND10,965 (US$0.486) per litre.
The ministries also decided to keep retailers’ contribution to the Petroleum Price Stabilisation Fund unchanged and give them a subsidy of VND0 per litre.
It was the first decrease in fuel prices in recent months after six consecutive hikes.
It also marked the 22nd adjustment this year, with 11 increases bringing prices up by a total VND5,000 (US$0.221) per litre, nine cuts with a total amount of VND4,463 (US$0.198) per litre and two times unchanged.
