The Finance Ministry has required petrol companies to cut retail petrol prices as from 14:00 on July 28 against the backdrop of declining world prices, with the companies to decide the specific price by themselves.

The reduction will mark the 13th adjustment in the domestic market within this year.

The prices of petroleum should go down at least 325 VND per litre, taking into account the gap between the current price and the base price.

Meanwhile, the price of diesel 0.05S and kerosene should not be higher than the base prices of 22,334 VND (1.063 USD) per litre and 22,464 VND (1.069 USD) per litre.

Mazut (fuel oil), however, still sees its price unchanged but dealers will no longer receive the price subsidy of 300VND per litre from the Petroleum Price Stabilisation Fund.

On July 18, the Ministries of Finance and Industry and Trade told retailers to draw 670 VND per litre from the Petroleum Price Stabilisation Fund to offset their losses.-VNA