Petrol, oil prices record sharp drop from Nov. 11
VOV.VN - The Ministry of Industry and Trade and the Ministry of Finance have announced plans to revise petrol and oil prices, with new rates starting to drop considerably as of 3 p.m. on November 11.
The latest changes result in the price of biofuel E5 RON92 suffering a decline of VND224 to VND13,885 per litre, while the price of RON95-III also fell by VND238 to VND14,701 per litre.
Furthermore, the prices of diesel 0.05S and kerosene were capped at VND10,838 and VND9,562 per litre, representing falls of VND380 and VND155 per litre, respectively. In addition, the price of mazut 180CST 3.5S was also cut by VND170 to a new price of VND11,091 per kilo.
This is the second time in a row domestic petrol prices have been adjusted to drop since October 27. The latest prices are also the lowest in the past four months.
The announcement comes following a review conducted by the two ministries on domestic fuel prices, a process which occurs every 15 days to ensure the local price stays in line with global market fluctuations.
Over the course of the past fortnight, the global price of RON92, which is the base for the production of E5 petrol, stood at US$42,375 per barrel. Indeed, RON95 was sold at US$43,572 per barrel, whilst diesel 0.05S was sold at 43,316 per barrel, the price of kerosene was US$41,227 per barrel, whilst mazut 180CST 3.5S was US$256,745 per tonne.
