Petroleum prices in Vietnam fell slightly from 3 pm on Monday, marking the fourth decrease following recent sharp price hikes.
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Under the decision by the Ministry of Industry and Trade and the Ministry of Finance, the retail prices of E5 RON 92 and RON 95 fell slightly by VND450 and VND470 per litre respectively.
Diesel and kerosene also fell by VND950 and VND710 per litre respectively. Meanwhile, mazut oil prices stayed unchanged.
With the price adjustment, E5 RON 92 is being sold at VND 24,620 per litre, while the price for RON 95 is VND 25,600 per litre, diesel at VND23,900 per litre, kerosene at VND 24,530 and mazut oil at VND 16,540 per kilogramme.
Earlier, petroleum prices also fell to a five-month low at the latest adjustment on July 21.
The adjustments were made after the government agreed to halve the environmental protection tax on petrol products from April 1 to the end of this year, taking the tax rate on petrol to VND2,000 per litre, and oil to VND1,000.
So far this year, retail petroleum prices have been adjusted 20 times with the majority being price increases.
Besides cutting the environmental tax, the government has considered reducing value added tax and special consumption tax on petroleum products.
