The retail price of petrol fell by 770 VND to reach 17,230 VND (76 US cents) per litre on November 3, the Ministry of Industry and Trade (MoIT) said.

The price of biofuel E5 RON 92 also dipped by 881 VND to reach 16,737 VND (74 cents) per litre, while the price of diesel came down by 430 VND to reach 13,510 VND (60 cents) per litre.

The price of kerosene dropped by 480 VND per litre to 12,523 VND (55 cents), while that of mazut fell by 316 VND per kilo to 9,571 VND (43 cents).

A customer buys petrol at a station in Ha Noi. (Photo: VNA)

In addition, the MoIT and the Ministry of Finance said in a joint statement that they had decided to use the petrol price stabilisation fund at a rate of 300 VND per litre. Taxes and fees for the products had remained unchanged.

The ministry said the sharp decline was attributable to the plunging prices on the world market.

The price of A92 petrol in Singapore has dropped over the past fortnight from 62.43 USD to 58.11 USD per barrel. The prices of diesel, kerosene and mazut are also on a downward trend.

(Source: VNA)