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Petrol prices see sharp decline

Update: March, 21/2017 - 19:00
The petrol retail price was reduced sharply yesterday. — Photo
Viet Nam News

HÀ NỘI — The retail price of petrol fell VNĐ708 to reach VNĐ17,314 (US77 cents) per litre at 3pm on Tuesday. This has been the steepest fall this year so far.

The ministries of industry and trade and finance issued a document asking petrol traders to lower the price of E5 RON 92 biofuel by VNĐ661 to VNĐ17,099 per litre.

The prices of other products such as diesel and kerosene were also reduced by VNĐ609 and VNĐ657 to VNĐ13,839 and VNĐ12,177 per litre, respectively. The selling price of mazut was lower by VNĐ528 reaching VNĐ12,850 per kilo.

This is the fifth price adjustment this year, including the only increase on February 18.

The two ministries also decided to keep the use of the price stabilisation fund for petrol unchanged.

The ministries said the decrease was due to lower petrol prices in the world market. Over the past 15 days, the average petrol price was $62 a barrel, $4 lower than the previous fortnight.

In the latest price adjustment on March 6, the petrol price was reduced by VNĐ76 per litre to VNĐ18,022 while that of E5 was VNĐ58 lower, reaching VNĐ17,760 per litre.

Nguyễn Lộc An, deputy head of the Domestic Market Department under the Ministry of Industry and Trade, said the cut in crude oil production by the Organization of Petroleum Exporting Countries would hit the prices of materials and fuels, thus affecting other products.

An said the average petroleum price this year in Việt Nam could be higher than that of 2016 but the rise was less than 10 per cent. — VNS

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