Local petrol prices drop sharply after five consecutive hikes

VOV.VN - Domestic retail prices of petrol and oil dropped considerably as of 3 p.m. on November 25, according to a joint announcement by both the Ministry of Industry and Trade and the Ministry of Finance.

The price of E5 RON92 fell by VND752 to VND22,917 per litre at the highest, whilst the price of RON95-III also decreased by VND1,094 to VND23,902 per litre.

Furthermore, the prices of diesel 0.05S and kerosene have now been capped at VND18,382 and VND17,197 per litre, marking a fall of VND334 per litre and a rise of VND440 per litre, respectively.

Elsewhere, Mazut 180CST 3.5S is now sold at no more than VND16,477 per kilogram, down VND344 per kilogram.

Both ministries said they have used the price stabilisation fund for RON95 gasoline at VND300 per litre, diesel at VND150 per litre, kerosene at VND300 per litre, and mazut at VND500 per kilogram.

The new prices are expected to make a positive influence on the market as the previous five rises had prompted businesses to adjust their product prices, bringing to bear pressure on inflation. In addition, consumers are now tightening their belt as market prices of essential goods are also increasing. 

The two ministries said they will continue to keep a close watch on the world market fluctuations and conduct a review of fuel prices in a bid to adjust domestic prices in accordance with global trends.

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