People buy petrol at a station in Hà Nội. As of 3 PM on Thursday, RON 95 gasoline is down by VNĐ120 per liter, priced at VNĐ23,170 (US$0.91) per liter. — VNS Photo Mai Hương

HÀ NỘI — The Ministry of Industry and Trade and the Ministry of Finance on July 18 announced the second consecutive reduction in domestic fuel prices this month.

As of 3 PM on Thursday, RON 95 gasoline is down by VNĐ120 per liter, priced at VNĐ23,170 (US$0.91) per liter. E5 gasoline is reduced by VNĐ110, now costing VNĐ22,170 per liter. Diesel fuel sees a cut of VNĐ330, priced at VNĐ20,500 per liter.

In the previous adjustment on July 11, E5 gasoline dropped by VNĐ180 per liter, RON 95 by VNĐ260, and diesel by VNĐ340.

A new draft policy from the Ministry of Industry and Trade suggests that businesses should calculate fuel prices based on state-published factors, including average global prices and taxes. The government will no longer set retail prices, instead, businesses will determine the maximum price. For remote areas, retail prices can increase by up to 2 per cent.

The draft also continues the use of the fuel price stabilisation fund for emergencies or significant market fluctuations. As of July 11, major enterprises like Petrolimex reported substantial positive balances in this fund. — VNS