The two ministries announced that the price of E5 petrol is not higher than VND18,340 per litre, and those of diesel 0.05S and kerosene should not be higher than VND15,716 per litre and VND14,560 per litre, respectively.
Meanwhile, the ministries also decided to adjust the price stabilisation fund for E5 bio-fuel at VND600 per litre, while the use of the fund for RON 95, kerosene and diesel was VND0 per litre.
This is the first drop of petrol prices in 2018 and the first time that the ceiling price of RON 95 petrol has been announced as consumers no longer have access to RON 92 petrol since January 2018.
The Ministry of Industry and Trade, and the Ministry of Finance review fuel prices every 15 days to adjust the prices in accordance with fluctuations on the world market.
The average global price of petrol products during the last 15 days to February 21 was at US$73.062 per barrel for RON 92 and US$76.160 for diesel.