From 3 pm on Thursday, the retail prices of E5 RON 92 and RON 95 decreased by VND2,710 and VND3,600 per litre to VND25,070 and VND26,070 respectively.
Petroleum prices have fallen to a five-month low
Diesel declined by VND1,740 per litre to VND24,850, meanwhile the decrease is VND1,100 per litre and VND1,170 per kilo for kerosene and mazut oil respectively.
So far this year, retail petroleum prices have been adjusted 19 times with the majority being price increases.
This has been the third consecutive petroleum price drop following recent sharp price hikes.
Besides cutting the environmental tax, the government has considered reducing value added tax and special consumption tax on petroleum products.
Experts suggested that the consideration to lower valued added tax and special consumption tax for petroleum products could be necessary to support businesses after the Covid-19 pandemic.
