VOV.VN - The retail prices of petrol and oil witnessed a reduction as of 3 p.m. on July 1 following the latest price adjustments which were jointly carried out by the Ministry of Industry and Trade and the Ministry of Finance.
In line with the latest changes, the retail price of RON95 bio-fuel dropped by VND110 to VND32,760 per litre at most, whereas that of E5 RON92 has been adjusted down by VND410 to be sold at no more than VND30,890 per litre.
This marks the first decline following seven consecutive price hikes. Indeed, the first half of the year witnessed both domestic petrol prices increase 13 times, whilst they only decreased four times.
In comparison to the first price adjustment of the year made on January 11, petrol prices have risen by 37%.
Furthermore, the price of diesel also witnessed a reduction due to its latest price being set at VND29,615, down by VND404 per litre. Kerosene was adjusted to VND28,353, representing a decrease of VND432 per litre, while mazut dropped sharply to VND19,722, a fall of VND1,013 per kilogram.
Moreover, the two ministries decided to make use of the petrol price stabilization fund at a rate of VND100 per litre for E5RON 92, with this rising to VND300 for kerosene.
At present, the two ministries are in the process of reviewing and adjusting domestic petrol and oil retail prices every 10 days to ensure they remain on a par with global market fluctuations.