The retail price of biofuel E5 RON 92 fell by VND1,082 to trade at a maximum of VND19,600 (US$0.84) per litre at 3pm today, the ministries of industry and trade and finance announced.

The price of RON 95-III also dropped by VND1,138 to a maximum of VND21,065 per litre, while the prices of diesel 0.05S went down by VND67 to VND18,544. The prices of kerosene and mazut 180CST remained unchanged at VND17,086 per litre and VND15,694 per kilo respectively.

According to the ministries of industry and trade and finance, in the 15 days before November 6, the global price of RON 92, which is used to produce biofuel E5, averaged $78.70 per barrel, $10 a barrel lower than the previous period. Those of RON95 and diesel 0.05S were $80.52 per barrel and $92.27 per barrel, respectively.

The global prices of kerosene and mazut were averaged at $92.09 per barrel and $489.901 per tonne, respectively.

The ministries of industry and trade and finance said the adjustment of petrol prices aimed at regulating gasoline prices, contributing to controlling inflation and limiting the increase in the consumer price index (CPI).

The two ministries also decided to decrease the use of subsidies from the petrol price stabilisation fund.

Subsidies for E5 RON 92 were unchanged at VND700 per litre, while those for RON 95 and diesel were zero.

The ministries said the use of the petrol price stabilisation fund has helped limit the effects of increasing petrol prices in the world market in the past few months, thus contributing to curb inflation.

The price of ethanol E100, which is used as the basis for the calculation of the price of biofuel E5 RON 92 after the elimination of petrol RON 92, stood at VND14,737 per litre without value added tax.

Reviews of fuel prices are set to be announced every 15 days to keep up with swings in the global market.

As of November 5, the balance of the price stabilisation fund was more than VND3.03 trillion.

The petrol prices have had 21 adjustments so far this year including 6 increases, 3 decreases and 12 times they were kept unchanged. — VNS