The retail price of petrol was cut by VND178 to reach VND17,054 (75 US cents) per litre at 3pm yesterday. — Photo nld.com.vn

HA NOI (Biz Hub) — The retail price of petrol was cut by VND178 to reach VND17,054 (75 US cents) per litre at 3pm yesterday, the Ministry of Industry and Trade (MoIT) said.

The price of biofuel E5 RON 92 also dipped by VND178 to reach VND16,559 (73 cents) per litre.

The price of diesel remained unchanged at VND13,513 (s60 cent) per litre while the price of kerosene increased by VND124 per litre to VND12,647 (s56 cents).The selling price of mazut fell by VND83 per kilo to VND9,488 (s42 cents).

In addition, the MoIT and the Ministry of Finance said in a joint statement, that they had decided to use VND208 per litre for diesel from the price stabilisation fund while keeping the fund for the remaining products unchanged.

The ministries said the decline was attributable to the unpredictable prices on the world market. The average petrol price in the world market in the past 15 days from November 3rd to 17th was more than US$57 a barrel.

They said that the decrease would contribute to reducing input costs for businesses.

The last adjustment of retail petroleum prices was on November 3. The petrol RON 92 was reduced by VND771 per litre to VND17,232, while biofuel E5 RON 92 was cut by VND881 per litre. — VNS