The Vietnamese inter-ministries of Finance - Industry and Trade have announced a reduction in petrol and oil prices after 19 consecutive price adjustments with 13 increases and 6 decreases since the beginning of 2022.

The petrol prices have plunged into deepest decline since the start of the year, and a litre of petrol was available at over VND 25,000 at 3:00pm on Thursday.

The bio-fuel E5 RON92 petrol now cut by VND 2,710 per litre to VND 25,070 a litre while RON 95 petrol now declined by VND 3,600 to VND 26,070 a litre.

Meanwhile, the new price of diesel has reduced to VND 24,850 per litre after a decrease of VND 1,740 per litre.

Kerosene oil now sells for VND 25,240 per litre after a drop of VND 1,100 per litre. A litre of Mazut fuel oil now costs VND 16,548 per kg after a drop of VND 1,164 per kg.

In their latest price adjustment, the two ministries also decided to take away a part from retail sales of petrol and oil for the national petrol price stabilisation fund with VND 950 per litre for petrol, VND 550 per litre for diesel, VND 700 for kerosene, and VND 950 per kg for mazut fuel oil.

So far this year, the price of the bio-fuel E5 RON92 petrol has increased by VND 4,621 per litre while that of RON 95 petrol has gone up by VND 5,794 per litre.

Reporting by QUYNH TRANG – Translating by H.L