The prices of RON 92 petrol and bio-fuel E5 dropped 521 VND and 355 VND per litre respectively, from 3:00 pm on November 19.
Following a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of diesel 0.05S and kerosene also declined 514 VND and 578 VND per litre respectively.
Under the joint decision, RON 92 and E5 petrol is sold at no more than 16,371 VND (0.726 USD) and 16,221 VND (0.719 USD) per litre respectively, while current ceiling price of diesel 0.05S and kerosene are 12,509 VND (0.555 USD) and 10,965 VND (0.486 USD) per litre.
The ministries also decided to keep retailers’ contribution to the Petroleum Price Stabilisation Fund unchanged and give them a subsidy of 0 VND per litre.
It was the first decrease in fuel prices in recent months after six consecutive hikes.
It also marked the 22nd adjustment this year, with 11 increases bringing prices up by a total 5,000 VND (0.221 USD) per litre, nine cuts with a total amount of 4,463 VND (0.198 USD) per litre and two times unchanged.-VNA