The price of diesel 0.05S was cut by VND880 to VND21,120 ($1) per litre and the price of kerosene was slashed by VND850 per litre to VND20,500 ($0.96), while that of mazut was reduced by VND730 to VND17,130 ($0.81) per kilogramme.—  Photo vovgiaothong

HA NOI (Biz Hub) — The Viet Nam National Petroleum Group (Petrolimex) reduced the price of RON 92 and E5 RON 92 gasoline by VND670 (3.1 US cents) to VND22,890 ($1.1) per litre yesterday.

The price of diesel 0.05S was cut by VND880 to VND21,120 ($1) per litre and the price of kerosene was slashed by VND850 per litre to VND20,500 ($0.96), while that of mazut was reduced by VND730 to VND17,130 ($0.81) per kilogramme.

Petrolimex attributed the cut to the falling fuel price in world markets.

The move followed a joint decision by the ministries of Industry and Trade and Finance.

They decided that based on the gasoline price in the domestic and world market in the 30-day period from September 13 to October 12 and petitions from petrol wholesalers, there was a disproportion between the current price and base price. The disproportion for gas was VND449 per litre, while for diesel and kerosene it was VND658 per litre and mazut was VND504 per kilogramme.

The ministries also reduced the stabilisation fund subsidy level from VND300 (2.9 cents) per litre to VND100.

The domestic petroleum product market has been adjusted 19 times this year, including five petrol price increases totalling VND1,430 and seven petrol price decreases totaling VND2,750 as well as seven price adjustments for other petroleum products. — VNS