Petrol prices drop for the first time in 2018

08:40 | 22/02/2018 Economy- Society

Petrol prices decreased as of 3pm on February 21, as decided by the Ministry of Industry and Trade and the Ministry of Finance.

This is the first drop in petrol prices in 2018

Accordingly, in the first drop of petrol prices in 2018, the price of RON 95 petrol declined by VND400 per liter to approximately VND19,980 and VND20,180 for RON 95-III and RON 95-IV, respectively.

The ministries also decided to adjust the price stabilization fund for E5 bio-fuel at VND600 per liter, while the use of the fund for RON 95, kerosene and diesel was at VND0 per liter, while kerosene remains the same.

For that reason, the price of E5 petrol should not be higher than VND18,340 per liter, and those of diesel 0.05S and kerosene should not be higher than VND15,716 per liter and VND14,560 per liter, respectively.

This is the first drop in 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 as of January 2018.

The Ministry of Industry and Trade, and the Ministry of Finance review fuel prices every 15 days in order to adjust the prices in accordance with fluctuations in 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.

Theo NDO