The retail price of biofuel E5 RON 92 fell sharply by VND1,446 to a maximum of VND17,181 (US$0.73) per litre by 3pm on Thursday, the ministries of Industry and Trade and Finance announced.

The price of RON 95-III also dropped by VND1,513 to a maximum of VND18,459 per litre. Meanwhile, the prices of diesel 0.05S and kerosene were also reduced by VND1,379 and VND990 per litre to trade at VND16,258 and VND15,252 per litre, respectively.

The price of mazut 180CST was lower by VND784 to VND14,402 per kilo.

The two ministries decided to keep the use of subsidies from the petrol price stabilisation fund unchanged.

Accordingly, subsidies for E5 RON 92 were VND700 per litre while those for RON 95 were VND950 per litre. Those for diesel, kerosene and mazut were also at VND800 per litre or kilo.

They reported that average world petrol prices in the past 15 days were trending downward with prices at $61,016 per barrel of RON 92, $62,845 per barrel of RON95, $74,325 per barrel of diesel 0,05S and $76,287 per barrel of kerosene. Meanwhile, the pre-tax price of ethanol E100 is VND14,778 per litre.

The local petrol price has had four consecutive decreases since October 22. In the previous adjustment, the bio-fuel E5 RON92 was reduced by VND973 per litre, RON 95 by VND1,093 per litre, diesel by VND907 per litre, kerosene by VND844 per litre and mazut by VND508 per kilo. — VNS