The retail price of RON 95 dropped by VND1,085 to a maximum of VND20,134 (US$0.86) per litre at 3pm on Monday. — Photo thuongtruong.com.vn

The retail price of RON 95 dropped by VND1,085 to a maximum of VND20,134 (US$0.86) per litre at 3pm on Monday, the ministries of Industry and Trade and Finance jointly announced.

The price of biofuel E5 RON 92 fell by VND986 to trade at a maximum of VND19,233 per litre while the prices of diesel 0.05S and kerosene went down by VND737 and VND614 to VND16,657 and VND15,611 per litre, respectively.

The price of mazut 180CST was lower by VND239 to VND15,115 per kilo.

According to the ministries, in the past 15 days, the global price of RON 92, which is used to produce biofuel E5, averaged $64.28 per barrel and RON95 was at $66.01 per barrel.

The two ministries also decided not to use subsidies from the petrol price stabilisation fund for this adjustment.

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

This is the third consecutive retail petrol prices have been reduced. At the last adjustment on June 2, retail prices of RON 95 and biofuel E5 RON 92 were reduced by VND380 and VND269 per litre, respectively. — VNS