Petrol prices down by VND600 per liters after seven hikes

Retail petrol prices were reduced by more than VND600 per liter from 3 p.m. on March 21 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.

Accordingly, the retail price of RON95 bio-fuel dropped by VND632 to a maximum of VND29,192 (US$1.28) per liter, while that of E5RON92 was adjusted down by VND655 to no more than VND28,330 per liter.

This is the first decline following seven consecutive hikes of petrol prices in 2022, with total increases amounting to over VND6,500 per liter.

The two ministries also decided to use the petrol price stabilization fund at a rate of VND200 per liter for E5 RON 92, and VND50 per liter for RON 95, and VND400 per liter for diesel.

The world petrol prices have shown a tendency to increase again over supply reduction concerns, the Ministry of Industry and Trade said.