The retail prices of 92-octane (92 RON) petrol, and E5 bio-fuel were cut by VND768 (USD0.035) per litre from 3pm today (August 19) according to the Ministry of Industry and Trade (MoIT).

The prices of 92 RON, the most popular grade of petrol in Vietnam, fell to VND18,536 (USD0.84) a litre and E5 bio-fuel to VND 18,041 per litre.

Diesel and kerosene prices were also cut slightly by VND441 per litre to VND13,421 per litre and VND703 to VND12,409 per litre, respectively.

The MoIT also asked fuel companies to continue to add to the price stabilisation fund.

According to the ministry, world average prices during the 15 days from August 4-18 fell to USD 65.694 per barrel of RON 92; USD58.484 per barrel of diesel and USD 58.364 per barrel of kerosene.

This is the sixth price reduction on petrol products with total prices fell by VND 4,388 per litre while there have been four hikes worth VND5,040 per litre. At present, petrol prices are some VND652-per-litre higher than that at end of last year.

Several experts have said that prices could have been slashed further.

"It is unfair to consumers, particularly when petrol companies making profits,' said economist Nguyen Minh Phong. "The firms could do perfectly well of VND300-400 per litre in profits but now they are getting VND1,000 per litre."

Source: Dan Tri English