The retail price of biofuel E5 RON 92 fell by VND329 to trade at a maximum of VND19,611 (US$0.85) per litre at 3pm today, the Ministries of Industry and Trade and Finance announced.

The price of RON 95-III also dropped by VND334 to a maximum of VND21,177 per litre, while the prices of diesel 0.05S and kerosene went down by VND234 and VND386 to VND17,460 and VND16,054 per litre, respectively.

The price of mazut 180CST remained unchanged at VND14,437 per kilo.

According to the Ministries of Industry and Trade and Finance, in the 15 days before June 22, the global price of RON 92, which is used to produce biofuel E5, averaged $81.25 per barrel. Those of RON95 and diesel 0.05S were $83.29 per barrel and $86.82 per barrel, respectively.

The global prices of Kerosene and mazut were averaged at $86.76 per barrel and $444.901 per barrel, respectively.

The ministries of industry and trade and finance said the adjustment of petrol prices aimed at regulating gasoline prices, contributing to controlling inflation and limiting the increase in the consumer price index (CPI).

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

Subsidies for E5 RON 92 were reduced from VND1,270 to VND870 per litre, while those for RON 95 were decreased from VND698 to VND198 per litre. Subsidies for diesel and kerosene, which used to be VND156 and VND31, were ceased.

The price of ethanol E100, which is used as the basis for the calculation of the price of biofuel E5 RON 92 after the elimination of petrol RON 92, stood at VND14,399 per litre without value added tax.

Reviews of fuel prices are set to be announced every 15 days to keep up with swings in the global market. — VNS