Petrol prices on Thursday were reduced by at least 1.35 US cents per litre following the latest 15-day review by the Ministry of Finance and Ministry of Industry and Trade.

Accordingly, the retail price of RON95 fell VND316 (1.35 US cents) per litre and was capped at VND20,919 (90 US cents) per litre.

The price of bio-fuel E5 RON92 was capped at VND19,902 per litre, down VND377 per litre.

Changes were made at 3pm on August 1 after the ministries' review of prices on petrol and oil products.

The prices of diesel and kerosene were up VND26 and VND7 per litre, respectively.

The two oil products will be sold at a maximum of VND17,023 and VND15,966 per litre.

Meanwhile, the price of mazut was set at a maximum of VND15,927 per kilo, down VND53.

In the previous review on July 17, the prices of all five petrol and oil products increased.

According to the ministries, petrol prices fell on August 1 because purchasing prices for petrol and mazut input materials dropped 0.42-2.88 per cent during the time period between the two reviews.

Meanwhile, the purchasing prices for inputs of diesel and kerosene rose between 0.09 per cent and 0.24 per cent.

The two ministries decided not to use the petrol price stabilisation fund and extract VND100 per litre from the selling price of bio-fuel E5 RON92 and VND500 per litre from the selling prices of other products included in the fund.

The balance of Petrolimex’s price stabilisation fund as of Thursday was VND470 billion ($20.2 million), up VND153 billion from the previous review, the firm said on its website. — VNS