The retail price of petrol was sharply cut by VND961 to reach a seven-year low of VND13,752 (US 61 cents) per litre at 3pm today. — Photo nld.com.vn

HA NOI (Biz Hub) — The retail price of petrol was sharply cut by VND961 to reach a seven-year low of VND13,752 (US 61 cents) per litre at 3pm yesterday.

The ministries of industry and trade and finance also issued a document, asking petrol traders to lower the price of the E5 RON 92 biofuel by VND942 to touch VND13,321 (59 cents) per litre.

The prices of other products such as diesel, kerosene and mazut have not been unchanged.

The ministries said the average petrol price fell sharply to reach $40.5 a barrel in the last 15 days.

That was the reason why the ministries kept the price stabilisation fund for petrol unchanged, while reducing the retail prices, they said.

However, the price stabilisation fund for diesel was VND539 per litre and VND589 per litre for kerosene and VND35 per kilogram for mazut.

The last price revision was done on February 3, when the petrol price fell by VND729, while that of E5 RON 92 was reduced by VND496 per litre.

This is the fourth consecutive reduction so far this year and the ninth since October 19, 2015. — VNS