The price of RON95 gasoline was slashed by 1,900 VND down to 16,270 VND on the afternoon of January 21, according to the Vietnam National Petroleum Group (Petrolimex).
RON92 and bio-fuel E5 also experienced a similar price cut, down to 15,670 VND.
Meanwhile, diesel prices were reduced by 1,460 VND, resulting in a cost between 15,120 and 15,170 VND per litre.
Kerosene now stands at 15,610 VND, a reduction of 1,500 VND, while fuel oil (FO) is priced at 11,750 to 12,220 VND per litre, 1,080 VND lower than the previous price.
Petrolimex attributed the move to the continued decline of global petrol prices, saying that these reductions are in line with regulations on petrol and oil prices stated in Government Decree 83/2014/ND-CP on September 3, 2014.
This is the fifth time the price of petrol and oil has been adjusted in accordance with the Decree.
In 2014, petrol prices were increased five times and have been cut twelve times since July with a total reduction of 7,769 VND per litre.-VNA