Diesel 0.05S is priced at VNĐ28,876 per liter, down VNĐ1,370 per liter; while mazut 180CST 3.5S is at VNĐ23,974 per kg, up VNĐ378  per kg. — VNA/VNS Photo

HÀ NỘI — The Vietnamese ministries of finance and industry and trade have ordered a sharp cut in petrol prices, with mazut the exception.

E5RON92 gasoline is sold at VNĐ23,203 (US$0.89) per liter, down VNĐ1,020 per liter from the previous adjustment, and VNĐ28 per liter below E10RON95-III, which is set at VNĐ23,231 per liter, down VNĐ928 per liter.

Diesel 0.05S is priced at VNĐ28,876 per liter, down VNĐ1,370 per liter; while mazut 180CST 3.5S is at VNĐ23,974 per kg, up VNĐ378 per kg.

For this adjustment, VNĐ700 per liter will be allocated to the fuel price stabilisation fund for biofuel using an advance from the state budget, while continuing to halt fund disbursements.

The Ministry of Industry and Trade (MOIT) said the global petrol market in this cycle was driven mainly by the US-Iran diplomatic outlook, signs of improvement in Saudi Arabia’s oil exports and the ongoing Russia-Ukraine conflict.

Those factors pushed global refined petrol prices up or down depending on the product in recent days. In this cycle, the ministries also continued applying the special consumption tax on gasoline under the Government’s Resolution 45 and carrying out fund allocation and disbursement.

Earlier, on November 1, the MOIT announced a sharp reduction in gasoline prices. This marks two consecutive fuel price cuts, driven by tax policies and falling global oil prices. — VNA/VNS