The domestic retail price of petroleum fell by VND862 to touch VND16,504 per litre as of 3pm on Tuesday, the Ministry of Industry and Trade (MOIT) said. — Photo vietnamnet.vn

The domestic retail price of petroleum fell by VND862 to touch VND16,504 per litre as of 3pm on Tuesday, the Ministry of Industry and Trade (MOIT) said.

The price of E5 RON 92 biofuel also dipped by VND805 to VND16,349 per litre. The prices of diesel and kerosene were also reduced by VND650 and VND738 per litre to VND12,835 and VND11,380 per litre, respectively. The price of mazut went down VND369 to VND10,666 per kilo.

The MoIT and the MoF also decided to keep the use of the price stabilisation fund for petroleum unchanged.

The local retail petrol prices have been adjusted 12 times so far this year including three increases, five decreases and three times they remained unchanged.

In the latest adjustment on June 5, the price of petroleum increased by VND303 to VND17,366 per litre. The price of E5 RON 92 biofuel also rose by VND283 to VND17,154 per litre. The prices of diesel and kerosene went up by VND225 and VND326 to VND13,485 and VND12,118 per litre, respectively. The price of mazut was set at VND11,035 per kg, an increase of VND139.

Over the past 15 days, the price of petroleum in the world market has seen a downward trend to US$58.1 a barrel. — VNS