The retail prices of petrol have been reduced for the eleventh consecutive time this year, falling by VND320 per litre on Saturday. — Photo vneconomy

HA NOI (VNS) — The retail prices of petrol have been reduced for the eleventh consecutive time this year, falling by VND320 per litre on Saturday, the Viet Nam National Petroleum Group (Petrolimex) said.

The adjustment pushed down the price of a litre of RON 92 and RON 95 to VND19,930 and VND20,530, respectively. After eleven rounds of cuts, petrol prices have been reduced by VND4,180 per litre. A litre of diesel and kerosene was also reduced by VND240 and VND280, respectively, while mazut saw a reduction of VND320 per kilogram.

According to the Petrolimex, the decrease was in line with principles for determining the sales price, as stated in Government Decree 83/2014/ND-CP on petroleum business, as well as a joint order by the Ministry of Finance (MoF) and Ministry of Industry and Trade (MoIT), which asked fuel dealers to reduce retail prices.

On the same day, the MoF told fuel wholesalers to reduce their use of the fuel price stabilisation fund from VND600 to VND300 per litre to offset their losses. — VNS