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Petrol prices slashed twice in 10 days

HA NOI (VNS) — Petroleum enterprises were asked to cut the retail price of petrol for the second time in the past ten days after a drop in global petrol prices.

Accordingly, the price of a RON92 litre was cut by nearly VND500 per litre to VND24,810 (US$1.16).

The price reduction of diesel, gasoline and mazut were VND153, VND138 and VND68 per litre, respectively.

This was the second price reduction for petroleum products in the past ten days. The first cut of VND330-VND350 per litre this year was made on July 28.

The ministries of Finance, and Industry and Trade also requested petrol enterprises to reduce the money they can get from the Price Stablisation Fund from VND600 to VND300 per litre.

However, the reduction in price is still much lower than the five combined price hikes, amounting to a total of VND1,450 per litre.

According to the ministries, the fall in domestic petroleum prices is due to a fall in prices on the international market, especially that of Singapore.

Within 30 days, from July 8 to August 6, prices of 92 octane gasoline fell and fluctuated at around $116.8 per barrel. Diesel and kerosene also fell to $118 per barrel in Singapore.