The retail price of petrol fell by VND770 to reach VND17,230 (76 US cents) per litre at 3pm on November 3. — Photo nld.com.vn

HA NOI (Biz Hub) — The retail price of petrol fell by VND770 to reach VND17,230 (76 US cents) per litre at 3pm on November 3, the Ministry of Industry and Trade (MOIT) said.

The price of biofuel E5 RON 92 also dipped by VND881 to reach VND16,737 (74 cents) per litre, while the price of diesel came down by VND430 to reach VND13,510 (60 cents) per litre.

The price of kerosene dropped by VND480 per litre to VND12,523 (55 cents), while that of mazut fell by VND316 per kilo to VND9,571 (43 cents).

In addition, the 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. Taxes and fees for the products had remained unchanged.

The ministry said the sharp decline was attributable to the plunging prices on the world market.

The price of A92 petrol in Singapore has dropped over the past fortnight from $62.43 to $58.11 per barrel. The prices of diesel, kerosene and mazut are also on a downward trend.

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

On October 19, the retail price for RON 92 petrol fell by VND136 to reach VND18,003 (80 cents) per litre. — VNS