The retail price of biofuel E5 RON 92 fell by VND224 to a maximum of VND20,682 (US$0.88) per litre at 3pm on Monday, the ministries of Industry and Trade and Finance announced.

This is the first decrease after three hikes in recent months.

The price of RON 95-III also dropped by VND144 to a maximum of VND22,203 per litre. Meanwhile, the prices of diesel 0.05S and kerosene were kept unchanged at VND18,611 and VND17,086 per litre, respectively.

The price of mazut 180CST also remained unchanged at VND15,694 per kilo.

The two ministries also decided to use VND1,213 per litre for E5 RON 92, VND600 per litre for RON 95, VND34 per litre for diesel, VND722 per litre for kerosene and VND653 per kilo for mazut from the price stabilisation fund.

According to the ministries, the global price of RON 92, which is used to produce biofuel E5, averaged $87.12 per barrel. Those of RON95 and diesel 0.05S were $89.32 per barrel and $96.26 per barrel, respectively.

The global prices of kerosene and mazut averaged at $95.67 per barrel and $502,560 per tonne, respectively.

The price of ethanol E100, which is used as the basis for the calculation of the price of biofuel E5 RON 92 after the elimination of petrol RON 92, stood at VND15,458 per litre without value added tax.

Reviews of fuel prices are announced every 15 days to keep up with swings in the global market. — VNS