Diesel prices have been dropped by VND110 (US$0.52 cent) per litre from February 10 while the prices for petrol, kerosene and mazut remain unchanged. Photo baodatviet.vn

HA NOI (Biz Hub) — The ministries of finance and industry and trade have asked petrol distributors to lower diesel prices by VND110 (US$0.52 cent) per litre from February 10 at 8 p.m.

The Viet Nam National Petroleum Group, which has the largest share of the market for diesel, said it has decreased the price from VND22,640 ($1.078) to VND22,530 per litre. The price for diesel was previously dropped on January 27 by VND311 ($0.014) per litre.

Meanwhile, the prices for petrol, kerosene and mazut remain unchanged.

The two ministries have also asked enterprises to stop withdrawing the previously approved support allowance of VND100 ($0.47 cent) per liter of petrol sold, taken from the country's price stabilisation fund, since this entire support allowance was revoked on February 10, and to reduce the use of the funds for stabilizing kerosene prices, marking a VND180 ($0.8 cent) drop to a new support allowance of only VND40 ($0.1 cent) per liter.

Currently, the retail price for petrol is VND227 ($0.01) per litre lower than its base price while the selling prices for kerosene and mazut are VND256 ($0.012) and VND180 per litre lower than their respective base prices. The price for diesel alone is VND109 ($0.51 cent) per litre higher than its base price. — VNS