Petrol price slashed for first time in 2016
Petrol price slashed for first time in 2016
The domestic retail price of petroleum dropped by VND373 to touch VND16,032 (71 US cents) per litre at 3pm today, the Ministry of Industry and Trade said.
The price of E5 RON 92 biofuel has fallen by VND571 to touch VND15,339 (68 cents) per litre. The diesel price has increased by VND865 to reach VND11,119 (49 cents) per litre. The price of kerosene has risen by VND791 per litre to end at VND10,274 (45 cents), while that of mazut has increased by VND616 per kilogram to reach VND7,456 (33 cents) per kilogram.
The ministry said the falling domestic retail petroleum price was attributable to the downward trend of the world fuel price over the past fortnight.
The ministry and Finance Ministry also decided to keep the petrol price stabilisation fund unchanged.
US benchmark West Texas Intermediate (WTI) in its latest delivery was pegged at $36.60 per barrel, down 3.5 per cent from its selling price in electronic trading in New York.
Brent crude in London also fell by 3.5 per cent to $36.46 per barrel.
A representative from a petrol trading firm in HCM City said by the end of 2015, the basic petrol price was VND350 higher than the retail price.
This has been the first slump for the year 2016. Last year, petroleum retail prices fell 12 times and rose 6 times.
