Petrol prices drop to six year record low

08:44 | 20/01/2016 Society

The retail selling price of RON92 is now VND15,442 per litre and biofuel E5 is VND14,759 per litre, the lowest level in the past six year.

Petrol prices drop to six year record low

Petrol is now sold at a record low price since 2009

The price of RON92 petrol was slashed by VND590 per litre as of 3pm January 19, the second consecutive reduction since early 2016 and the seventh reduction since October 2015.

In the meantime, the prices of fuel oil, kerosene, and diesel were lowered by VND300-912 per litre following the decision of the Ministries of Industry and Trade and Finance.

The price reduction of domestic oil and petrol is conformable with the downward trend in the world market as the prices of crude oil continued to fall since early 2016.

According to the Ministries of Industry and Trade and Finance, the average price of petrol products in the last 15 days from January 4-18 was around US$48.593 per barrel, down US$3 per barrel, and the average price of diesel was US$37.988 per barrel, a decrease of US$6 per barrel.

The two ministries also decided to keep unchanged the extraction from the selling prices for the fuel price stabilisation fund.

The latest price reduction in 2016 was made on January 4 when the prices of oil and petrol were cut by VND373-865 per litre./.


Source: NDO