Petrol prices cut as world oil markets cool down

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Hanoi, May 24 (VNA) — The Ministry of Finance cut the retail price of A92 petrol by 600 VND on May 23 afternoon, from 23,300 to 22,700 VND per litre.

The price of diesel fuel was also reduced by 400 VND to 21,200 VND per litre. This move marked the second reduction in fuel prices this month, following a 500 VND reduction in petrol prices on May 10. The reductions were a response to declining world petrol and oil market since early this month, said the ministry. The average world price of RON 92 petrol in the first half this month dropped by 6.94 percent from 131 to 122 per USD barrel in late April. The Ministry of Finance the same day also reduced the retail price of fuel oil by 300 VND to 18,900 VND per litre and the price of kerosene to 21,100 VND per litre.