Retail petrol prices fell by more than VND1,000 per litre from midnight on Thursday following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.

Accordingly, the retail price of RON95 bio-fuel dropped by VND1,039 to a maximum of VND28,153 (US$1.23) per litre, while VND1,021 adjusted down that of E5RON92 to no more than VND27,309 per litre.

Meanwhile, diesel 0.05S went up from VND1,447 per litre to VND25,080, and kerosene also increased by VND1,519 per litre.

This is the second decline following seven consecutive hikes in petrol prices in 2022, increasing by over VND6,500 per litre.

The fall was partly thanks to Resolution No. 18/2022/UBTVQH15 which took effect from April 1 on the adjustments of the environmental protection tax on fuels, which resulted in a reduction of VND700-2,000 per litre.

The two ministries also decided to use the petrol price stabilisation fund at a rate of VND100-1,500 per litre. — VNS