Petrol prices slide over VND600 per litre in 7th cut of the year
The two ministries issue a joint decision on the base fuel prices every 15 days, depending on the fluctuation of world oil and gas prices since the previous announcement.
They decided to make no change to the prices of diesel 0.05S, mazut and kerosene this time.
It was the third fuel price cut after five hikes in a row and the seventh cut since the beginning of this year.
RON 92 and E5 are now sold at no more than VND15,303 and VND14,843, respectively per litre, while the ceiling prices of diesel and kerosene remained at VND12,298 and VND10,667 per litre.
The global price of RON 92 during the 15 days up to July 20 averaged US$50.141 per barrel, down about US$5 while the average price of diesel 0.05S was US$55.304 per barrel, down US$2, the ministries said.
Furthermore, the ministries decided to remove subsidies on RON 92 and E5 which were priced at VND426 and VND467 per litre, respectively, from the fuel stabilisation fund in the last announcement.
The subsidy on diesel was reduced from VND472 per litre to VND51 per litre.