Petroleum retailers lowered the price of petroleum by 76 dong per litre and E5 bio-fuel by 58 dong per litre to VND18,022 (80 US cents) and VND17,760 per litre as of 3pm on Monday.

Meanwhile, the price of diesel was increased by VND142 per litre to VND14,447 per litre and kerosene increased by 76 dong to VND12,834 per litre.

This marks the first time this year that the ministries of Industry and Trade and Finance reduced the price of petroleum.

The two ministries also maintain the use of the petroleum price stabilization fund. Accordingly, the fund is not used for E5 bio-fuel, petroleum.

The average global prices of RON 92 during the last 15 days to Monday was reduced by $2 per barrel to $66.677 per barrel, whilst that of diesel 0.05S rose to $66.214 per barrel.

In the previous adjustment, the two ministries raised retail petrol prices for the first time in 2017.— VNS