Retail petrol prices tumble for fifth consecutive time to close to VND25,000/l

VOV.VN - Domestic prices of petrol fell by approximately VND1,000 per litre in Vietnam as of 3pm on August 11, according to the latest price adjustment by the Ministry of Industry and Trade and Ministry of Finance.

Petrol RON95 fell by VND940 to VND24,660 per litre while petrol E5 RON 92 sank by VND1,000 to VND22,900 per litre.

The price of diesel oil also decreased by VND900 to VND23,720 per litre.

This is the fifth time retail petrol prices have dipped in Vietnam to the price level before the Russia-Ukraine conflict.

The Government recently approved the Ministry of Finance’s proposal to halve the preferential most Favoured Nation (MFN) rates on petrol products to 10%, one of the solutions to cool down the domestic petrol market.

Despite sharp falls in petrol prices, prices of most essential goods and services have stayed high.