The retail price of biofuel E5 RON 92 fell by VND394 to trade at a maximum of VND16,787 (US$0.72) per litre at 3pm today, the ministries of Industry and Trade and Finance announced.

The price of RON 95 dropped by VND318 to a maximum of VND18.141 per litre, while the prices of diesel 0.05S and kerosene went down by VND257 and VND249 to VND16,001 and VND15,003 per litre, respectively.

The price of mazut 180CST was lower by VND394 to VND14,008 per kilo.

According to the ministries, in the 15 days before December 21, the global price of RON 92, which is used to produce biofuel E5, averaged $58.86 per barrel and RON95 was at $60.94 per barrel.

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

Subsidies for E5 RON 92 and RON 95 were VND300 and VND1,000 per litre, respectively. For diesel and kerosene, the subsidies were VND1,200 per litre and for mazut VND1,400 per kilo.

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

Domestic petrol prices have decreased five consecutive times since October for total drop of VND4,200 per litre. — VNS