Retail petrol prices were reduced by more than VND600 (US$0.026) per litre from 3pm on March 21 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.

The retail price of RON95 bio-fuel dropped by VND632 to VND29,192 ($1.28) per litre at most, whereas that of E5RON92 was adjusted down by VND655 to no more than VND28,330 per litre.

This is the first decline following seven consecutive hikes of petrol prices in 2022, with total hikes amounting to over VND6,500 per litre.

The two ministries also decided to use the petrol price stabilisation fund at a rate of VND200 per litre for E5 RON 92, VND50 per litre for RON 95, and VND400 per litre for diesel.

World petrol prices have shown a tendency to increase again due to supply reduction concerns, the Ministry of Industry and Trade said. — VNS