Petrol prices see steep fall

16:05 | 07/11/2018 Economy- Society

The retail prices of petrol fell sharply from 3pm on November 6 following the latest adjustments by the Ministry of Finance and the Ministry of Industry and Trade.

The retail prices of petrol fell sharply on November 6

Accordingly, the price of E5 RON 92 declined 1,082 VND to trade at a maximum of 19,600 VND per liter, and RON95 dropped 1,138 VND in its price to a maximum of 21,065 VND per liter. Meanwhile, the price of diesel 0.05S went down 67 VND per liter to 18,644 VND.

The prices of kerosene and mazut 180CST 3.5S remain unchanged and should not be higher than 17,086 VND and 15,694 VND per liter, respectively.

The Ministry of Industry said that RON 92 was sold at an average of US$78.7 per barrel globally half month ago, down nearly US$9 from the previous period. Those of RON95 and diesel 0.06S were US$80.52 per barrel and US$92.27 per barrel, respectively.

The price of Ethanol E100, which is used as the basis to calculate the price of biofuel E5 RON 92 after the elimination of petrol RON 92, stood at 14,737 VND per liter (excluding value added tax).

The petrol price stabilization fund has been used frequently throughout the past, particularly for petrol products, in order to mitigate the impacts of the global rising commercial oil and petrol prices and contribute to curbing inflation.

This time, subsidies for E5 RON 92 are 700 VND per liter (previously 1,213 VND per liter) and RON 95 is 0 VND per liter (previously 600 VND per liter), while diesel is 0 VND per liter (previously 634 VND per liter).

A review of fuel prices are set to be announced every 15 days to keep up with changes in the global market.

Theo VNA