Petrol prices fall to one-year low of more than VND20,000/litre

VOV.VN - Retail prices of oil and petrol dropped to a record year low of more than VND20,000 per litre as of 3 p.m. on December 12 following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.

Accordingly, the retail price of RON95 decreased by VND1,500 to VND21,200 per litre, and that of E5 RON92 slipped by VND1,330 to VND20,340 per litre.

The latest adjustment also saw the prices of oil nosedive, with that of diesel oil tumbling by VND1,540 to VND21,670 per litre, and that of kerosene down by VND1,660 to VND21,900 per litre.

Mazut oil was priced at VND13,010 per kilogramme, a decrease of VND940.

The two ministries also decided to keep the use of subsidies from the petrol price stabilisation fund unchanged. As a result, subsidies for E5 RON 92 and RON95 are VND300-400 per litre, while that for diesel is VND800 per litre.

This marks the third decline following four consecutive price hikes.

This year has seen petrol prices undergo a total of 33 price adjustments, with 17 increases and 15 drops, whilst on one occasion the prices remained unchanged.

According to data of Trading Economics global macro models and analyst expectations, Brent crude oil on December 12 was traded at US$76.6 per barrel, the lowest since beginning of the year.

The price of West Texas Intermediate (WTI) oil fell down to US$71.5 per barrel, recording low since December 23, 2021.

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