The price of a litre of RON 92 has been cut by VND2,058 to stand at VND17,881 ($0.83). The petrol prices have been reduced by VND7,769 per litre after 12 rounds of cuts. — Photo 24h.com.vn

HA NOI (Biz Hub) — The national retail petrol prices have been slashed by VND2,058 (US$0.09) per litre from 3pm on December 22, the Viet Nam National Petroleum Group (Petrolimex) said.

This is the twelfth consecutive reduction as well as the largest cut in petrol prices since mid-July.

The price of a litre of RON 92 has been cut by VND2,058 to stand at VND17,881 ($0.83). After twelve rounds of cuts, the petrol prices have been reduced by VND7,769 per litre.

The price of mazut has been reduced by VND1,692 per kilogram to touch VND13.135 ($0.6) per kilogram.

The price of one litre of diesel was also slashed by VND1,414 to reach VND16,999 ($0.8), while the price of one litre of kerosene was cut by VND1,571 to touch VND17,400 ($0.8).

The petrol price is now at a four-year low.

According to Petrolimex, the price cut was in accordance with the principles for determining the retail price, as stated in government decree 83/2014/ND-CP on petroleum business, as well as a joint order by the ministries of finance (MoF) and of industry and trade (MoIT), which asked the fuel dealers to reduce retail prices.

The MoF also told wholesale dealers of fuel to increase their use of the fuel price stabilisation fund from VND300 to VND800 per litre. — VNS