According to the decision of the ministries of Industry and Trade and Finance, from 3 pm today, the retail price of RON92 and biofuel RON95 was reduced by VND401 and VND308 per litre. The price decrease for diesel oil, kerosene and mazut is VND882, VND674 and VND657 per litre respectively.
After the price fall, RON92 and RON95, diesel, kerosene and mazut are sold at below VND10,942; VND11,631; VND9,941 and VND7,965 per litre and VND8,670 per kilo consecutively.
This is the eighth consecutive petrol price cut in Vietnam so far this year, setting the low record over the past 13 years.
The ministries have also decided to use VND400 for per litre of RON92 and the figure is VND1,400 for RON95; 1,600 for diesel and VND500 for a kilo of mazut.
Covid-19 is the major reason for petroleum demand falling worldwide.
Most recently, the two ministries also approved the petroleum price cut, ranging from VND126 to VND613.
Earlier, the Ministry of Industry and Trade proposed the environmental tax for petroleum products which have remained high.