A man has his motorbike refilled at a petrol station. — Photo hiephoixangdau.vn

The retail price of petrol sharply decreased as of 3pm on Sunday, marking the sixth consecutive reduction since the beginning of this year.

Following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance, the price of biofuel E5 RON92 fell by VND4,100 to VND11,956 (US$0.69) per litre at the highest, and that of RON95-III was also down by VND4,252 to VND12,560 per litre.

Meanwhile, the prices of diesel 0.05S and kerosene were VND11,259 per litre and VND9,141 per litre, down VND1,776 and VND2,705 per litre, respectively.

Mazut 180CST 3.5S is sold at no more than VND9,453 per kilo, down VND1,048 per kilo.

The two ministries also decided to keep use of the petrol price stabilisation fund unchanged. Accordingly, the use for the bio-fuel petrol E5 RON92 and RON95 was VND300 per litre. The use from the fund for the diesel and kerosene was VND1,150 per litre while that of mazut was VND450 per kilo.

The two ministries review fuel prices every 15 days to adjust domestic prices in accordance with fluctuations in global markets. In the past fortnight, the world petrol price has plummeted. The petrol price in the world market was $14-23 a barrel of petrol, $13-19 a barrel of diesel and kerosene and $50 per tonne of mazut.

They said that amid the COVID-19 pandemic, the two ministries decided to continue to reduce the petrol prices to support citizens and businesses. The reduction would also help curb inflation this year while encouraging the use of bio-fuel to protect the environment. — VNS