Petrol prices record fourth consecutive decline
VOV.VN - The retail prices of oil and petrol were adjusted down as of 3 p.m. on August 1 following the latest adjustments made by the Ministry of Industry and Trade and the Ministry of Finance.
This thereby marks the fourth consecutive decrease in petrol prices this year following seven price rises in succession.
The latest changes sees the price of E5 RON92 biofuel reduced by VND450 to a maximum of VND24,620 per litre, while the price of RON95-III is to drop by VND470 to VND25,600 per litre.
Elsewhere the prices of diesel 0.05S and kerosene were capped at VND23,900 per litre and VND24,530 per litre, thereby marking decreases of VND950 and VND710 per litre, respectively.
Furthermore, Mazut 180CST 3.5S was kept unchanged at no more than VND16,540 per kilogram.
As part of the latest price review, the authorities have subsidised VND800 for E5 RON92 biofuel, VND850 for RON95-III, VND450 for diesel, VND650 per litre for kerosene, and VND787 per kilogram for Mazut 180CST 3.5S with finance being taken from the petrol price stabilisation fund.
Under the new rules adopted in November, 2021, petrol prices are to be regulated on the first, 11th, and 21st days of each month, with this putting prices into a 10-day cycle that is on par with global market fluctuations which may occur.
