Petrol price reduced by VND260 per litre
Petrol price reduced by VND260 per litre
The retail price of petrol was reduced by VND260 per litre to VND20,120 (US$0.93) per litre starting from 3pm on July 20, the ministry of Industry and Trade (MOIT) said.
The price of biofuel E5 RON 92 was reduced by VND425 per litre to VND19,625 ($0.9) per litre, while the price of diesel has come down by VND1,112 to VND14,681 ($0.67) per litre.
The price of kerosene was reduced by VND1,128 per litre to VND13,750 ($0.63), while that of mazut was reduced by VND872 per kilo to VND11,434 ($0.52) per kilo.
In addition, MOIT and the Ministry of Finance said in a joint statement that they had decided to keep the petrol price stabilisation fund unchanged.
Statistics from MOIT show that petrol prices have been increased four times and reduced three times so far this year. The largest hike was on May 5, when the price increased by VND1,950 ($0.09) per litre. The four price hikes have increased the price of petrol by a total of VND5,040 ($0.23) per litre since last year. The three price cuts, meanwhile, reduced the petrol price by a total of VND2,540 ($0.11) per litre.
Figures from the General Department of Customs reveal that in the first half of the year, the country imported 1.4 million tonnes of petrol worth $875 million at a price of $629 per tonne.
During the same period last year, the import price was $1,000 per tonne.
