Business

Petrol prices slide over 600 VND per litre in 7th cut of the year

The prices of RON 92 petrol and bio-fuel E5 slid 665 VND and 604 VND per litre, respectively, from 3:00 pm on July 20, according to the Ministry of Industry and Trade and the Ministry of Finance.
Petrol prices slide over 600 VND per litre in 7th cut of the year ảnh 1Motorcyclists have their vehicles' petrol tanks filled (Photo: VNA)

Hanoi (VNA) – The prices of RON 92 petrol and bio-fuel E5 slid 665 VND and 604 VND per litre, respectively, from 3:00 pm on July 20, according to the Ministry of Industry and Trade and the Ministry of Finance.

The two ministries issue a joint decision on the base fuel prices every 15 days, depending on the fluctuation of world oil and gas prices since the previous announcement.

They decided to make no change to the prices of diesel 0.05S, mazut and kerosene this time.

It was the third fuel price cut after five hikes in a row and the seventh cut since the beginning of this year.

RON 92 and E5 are now sold at no more than 15,303 VND and 14,843 VND, respectively per litre, while the ceiling prices of diesel and kerosene remained at 12,298 VND and 10,667 VND per litre.

The global price of RON 92 during the 15 days to July 20 averaged 50.141 USD per barrel, down about 5 USD while the average price of diesel 0.05S was 55.304 USD per barrel, down 2 USD, the ministries said.

Furthermore, the ministries determined to remove subsidies on RON 92 and E5 which were receiving 426 VND and 467 VND per litre, respectively, from the fuel stabilisation fund in the last announcement.

The subsidy on diesel was reduced from 472 VND per litre to 51 VND per litre.-VNA

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