The domestic retail price of petroleum decreased by VND309 to VND17,274 (77 US cents) per litre as of 3pm on Friday, the Ministry of Industry and Trade (MoIT) said.

The price of E5 RON 92 biofuel also fell by VND314 to VND17,068 per litre. The prices of diesel and kerosene dropped by VND216 and VND285 to VND13,603 and VND12,053 per litre, respectively.

The price of mazut was VND10,902 per kg, a decrease of 4 dong. The MoIT and the Ministry of Finance also decided to keep the use of the price stabilisation fund unchanged.

Earlier, some petrol traders speculated that retail prices fell due to downward trends in the world market.

The retail petrol price in Singapore – the main petrol exporter to Viet Nam – was $58.97 per barrel, down 5.5 per cent from the previous fortnight.

The local retail price of petrol has rose twice so far this year, fallen three times and remained unchanged three times.

In the latest adjustment, the ministries decided to increase the use of the price stabilisation fund to curb rising petrol prices. The retail price therefore rose by only VND350 per litre. — VNS