A man buys petrol at a petrol station in Hà Nội. — VNA/VNS Photo

HÀ NỘI — Retail fuel prices have been reduced for the second consecutive pricing cycle, according to an announcement from the Ministry of Industry and Trade and the Ministry of Finance, with the latest adjustments taking effect from 3pm on April 17.

Accordingly, E5 RON92 petrol has been capped at VNĐ18,498 (US$0.71) per litre, down VNĐ384, while RON95-III petrol now costs VNĐ18,856 per litre, a decrease of VNĐ351.

The price of diesel 0.05S has been reduced by VNĐ206 to VNĐ17,037 per litre, and that of kerosene dropped by VNĐ229 to VNĐ17,184 per litre. Mazut, however, saw a slight increase of VNĐ58, now priced at VNĐ15,960 per kilogramme.

This marks the second consecutive drop in domestic RON95 prices, which have now reached their lowest level in four years, equivalent to the prices seen in April 2021.

Since the beginning of this year, RON95 petrol has experienced eight price hikes and eight cuts. Diesel oil has increased seven times, decreased eight times, and remained unchanged once.

In this adjustment, the authorities opted not to use the petrol and oil price stabilisation fund for any of the fuel categories.

Global oil prices during the April 10–16 period were shaped by rising OPEC+ output, shifting US tariffs, slower demand forecasts from the IEA, and continued geopolitical tensions, particularly the Russia-Ukraine conflict, according to the Ministry of Industry and Trade. — VNS