The retail prices of petrol and diesel products in Vietnam continued the downtrend with decreases of VND1,100-2,380 per liter from 15.00 today [July 21], marking the third consecutive decline since the beginning of July.

A gas station at Nguyen Luong Bang Street, Dong Da District. Photo: Pham Hung

Under the latest adjustment from the inter-ministerial team of the Ministry of Industry and Trade and the Ministry of Finance, prices of biofuel E5 - RON92 declined by VND2,710 to VND25,070 (US$1.07) per liter, and RON95-III by VND3,600 to VND26,070 ($1,11).

With such decreases, petrol prices have now moved close to the February price range.

In addition, prices of diesel also decreased by VND1,740 to VND24,850 ($1.06) per liter, kerosene by VND25,240 ($1,08), down by VND1,100, and mazut fell to VND16,540 ($0.71) per kilogram or a decline of VND2,3800.

Compared to the end of June, each liter of RON95-III is now VND6,800 cheaper; for E5 – RON92, it is VND6,230 and VND5,160 for diesel.

This time, the cross-functional team decided against subsidizing the petrol prices using the petrol price stabilization fund, but deducted VND950 from the price per liter of fuels for the fund, along with VND550 per liter of diesel, VND700 per liter of kerosene, and VND950 per liter of mazut.