Petrol retail prices were reduced by more than VND500 per litre as of 3pm on Friday. — Photo vietnamnet.vn

Petrol retail prices had fallen by more than VND500 per litre as of 3pm on Friday, the ministries of industry and trade and finance announced.

The retail price of RON 95-III was reduced by VND514 to VND20,405 per litre (US$0.87) while E5 fuel RON 92 dropped by VND544 to VND19,358 per litre.

The prices of diesel oil and kerosene were lowered by VND519 and VND570 per litre to VND16,504 per litre and VND15,396 per litre, respectively, while the price of mazut reduced by VND1,855 to VND14,072 per kilo.

The Ministry of Industry and Trade said the petrol price decreases were due to downward trends in the world in the past 15 days. The global price of RON 92 – which is used to produce biofuel E5 – averaged $66.96 a barrel, down $3 from the previous period and RON95 was at $70,19 per barrel.

This has been the second decrease of petrol retail prices this month. On the latest adjustment on August 1, the retail price of RON 95-III reduced by VND316 per litre while E5 fuel RON 92 dropped VND377 per litre.

The two ministries also decided to change the use of subsidies from the petrol price stabilisation fund.

Subsidies for E5 RON 92 and RON 95 were VND100 and VND500 per litre, respectively.

At a recent meeting, the supervision delegation of the Standing Committee of the National Assembly proposed building a roadmap to remove some funds including the petrol price stabilisation fund. They proposed looking abolishing the fund to manage petrol prices under the Law on Price. — VNS