Petrol prices see sharp decline

The petrol retail price was reduced sharply yesterday. — Photo vietnamplus.vn

HÀ NỘI — The retail price of petrol fell VNĐ 七0 八 to reach VNĐ 一 七, 三 一 四 (US 七 七 cents) per litre at  三pm on Tuesday. This has been the steepest fall this year so far.

The ministries of industry and trade and finance issued a document asking petrol traders to lower the price of E 五 RON  九 二 biofuel by VNĐ 六 六 一 to VNĐ 一 七,0 九 九 per litre.

The prices of other products such as diesel and kerosene were also reduced by VNĐ 六0 九 and VNĐ 六 五 七 to VNĐ 一 三, 八 三 九 and VNĐ 一 二, 一 七 七 per litre, respectively. The selling price of mazut was lower by VNĐ 五 二 八 reaching VNĐ 一 二, 八 五0 per kilo.

This is the fifth price adjustment this year, including the only increase on February  一 八.

The two ministries also decided to keep the use of the price stabilisation fund for petrol unchanged.

The ministries said the decrease was due to lower petrol prices in the world market. Over the past  一 五 days, the average petrol price was $ 六 二 a barrel, $ 四 lower than the previous fortnight.

In the latest price adjustment on March  六, the petrol price was reduced by VNĐ 七 六 per litre to VNĐ 一 八,0 二 二 while that of E 五 was VNĐ 五 八 lower, reaching VNĐ 一 七, 七 六0 per litre.

Nguyễn Lộc An, deputy head of the Domestic Market Department under the Ministry of Industry and Trade, said the cut in crude oil production by the Organization of Petroleum Exporting Countries would hit the prices of materials and fuels, thus affecting other products.

An said the average petroleum price this year in Việt Nam could be higher than that of  二0 一 六 but the rise was less than  一0 per cent. — VNS