Business

Vietnam sharply cuts petrol prices, except mazut

Following the fresh adjustment, E5RON92 gasoline is now sold at 23,203 VND (0.89 USD) per liter, down 1,020 VND per liter from the previous adjustment, and 28 VND per liter below E10RON95-III, which is set at 23,231 VND per liter, down 928 VND per liter.

Illustrative image (Photo: VNA)
Illustrative image (Photo: VNA)

Hanoi (VNA) – The Vietnamese ministries of finance and industry, and trade have ordered a sharp cut in petrol prices, with mazut the exception.

E5RON92 gasoline is sold at 23,203 VND (0.89 USD) per liter, down 1,020 VND per liter from the previous adjustment, and 28 VND per liter below E10RON95-III, which is set at 23,231 VND per liter, down 928 VND per liter.

Diesel 0.05S is priced at 28,876 VND per liter, down 1,370 VND per liter; while mazut 180CST 3.5S is at 23,974 VND per kg, up 378 VND per kg.

For this adjustment, 700 VND per liter will be allocated to the fuel price stabilisation fund for biofuel using an advance from the state budget, while continuing to halt fund disbursements.

The Ministry of Industry and Trade (MOIT) said the global petrol market in this cycle was driven mainly by the US - Iran diplomatic outlook, signs of improvement in Saudi Arabia’s oil exports and the ongoing Russia-Ukraine conflict.

Those factors pushed global refined petrol prices up or down depending on the product in recent days. In this cycle, the ministries also continued applying the special consumption tax on gasoline under the Government’s Resolution 45 and carrying out fund allocation and disbursement.

Earlier, on November 1, the MOIT announced a sharp reduction in gasoline prices. This marks two consecutive fuel price cuts, driven by tax policies and falling global oil prices./.

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