Petrol and biofuel E5 RON 92's retail prices fell by VND258, reaching VND16,796 (US 74 cents) and VND16,301 (72 cents) per litre. — Photo doisongphapluat.com

HA NOI (Biz Hub) — Petrol and biofuel E5 RON 92's retail prices fell by VND258, reaching VND16,796 (US 74 cents) and VND16,301 (72 cents) per litre, respectively, at 3pm on December 3, officials said.

The price of diesel also dipped by VND283 to reach VND13,230 (58 cents) per litre, while the price of kerosene came down by VND446 to reach VND12,201 (54 cents) per litre.

The price of mazut fell by VND384 per kilo to VND9,104 (40 cents).

In addition, the Ministry of Industry and Trade (MOIT) and the Ministry of Finance said in a joint statement that they had decided to use the petrol price stabilisation fund at a rate of VND300 per litre for petrol and to increase that of diesel from VND280 to VND300 per litre. Taxes and fees for the products remained unchanged.

The MOIT said the decline was attributable to the falling prices on the world market.

The price of A92 petrol in Singapore has dropped some $2.30 per barrel over the past fortnight. The prices of diesel, kerosene and mazut are also on a downward trend.

Statistics from the MOIT show that petrol prices have fallen 11 times and increased six times so far this year.

On November 18, the retail price for RON 92 petrol fell by VND180 to reach VND17,050 (75 cents) per litre. — VNS