Petrol prices fall sharply following global trend
Retail prices of petrol were revised down significantly from 3pm on May 9 by the Ministry of Industry and Trade, and the Ministry of Finance.
Specifically, the price of E5RON92 bio-fuel was cut by 1,288 VND to no more than 22,623 (0.9 USD) per litre, while that of RON95-III fell by 1,411 VND to 23,544 VND per litre at the maximum.
Diesel 0.05S and kerosene are now priced at 19,847 VND per litre and 19,701 VND per litre at the highest, down 759 VND and 843 VND, respectively.
Meanwhile, mazut oil 180CST 3.5S is sold at no more than 17,503 VND per kg, 160 VND lower than the previous adjustment.
The two ministries have decided not to use the petrol price stabilisation fund. According to them, this adjustment saw the world oil market influenced by factors such as the increase in US commercial crude oil inventories, the strengthening of the US dollar, which exerted pressure on global oil demand, and the ongoing military conflicts between Russia and Ukraine, among others. As a result, global oil prices fluctuated in recent days, with decrease as the dominant trend.
