A petrol station in the northern province of Bac Ninh. The retail prices of petrol were reduced on Monday. — VNA/VNS Photo

The retail prices of petrol were reduced as from 3pm on Monday 16.

Specifically, the price of biofuel E5 RON92 was down VND90 to VND19,729 (US$0.85) per litre at the highest, and that of RON95 also fell by VND192 to VND20,886 per litre.

Meanwhile, the prices of diesel 0.05S and kerosene were capped at VND16,063 and VND15,016 per litre, up VND75 and VND54 per litre, respectively. Mazut 180CST 3.5S is sold at no more than VND11,358 per kilogramme, up VND170 per kilogramme.

In order to set these prices, the ministries of Industry and Trade and Finance have used the Price Stabilisation Fund for E5RON92 gasoline at VND100 per litre (the previous period was VND200 per litre), RON95 gasoline at VND400, fuel oil at VND800, kerosene at VND100.

The use of the Price Stabilisation Fund is expected to regulate petrol price stabilisation at the end of the year and Lunar New Year, as well as maintaining the price gap between biofuel E5RON92 and mineral gasoline RON95 to encourage the use of biofuel to protect the environment. — VNS