Petrol price falls sharply again

Petrol price falls sharply again

Petrol prices were reduced for the second consecutive time this month. — Photo xangdau.com.vn

HÀ NỘI — The retail price of biofuel E 五 RON  九 二 fell by VNĐ 九 七 五 to trade at a maximum of VNĐ 一 八, 六 二 七 (US$0. 七 九) per litre at  三pm today, the Ministries of Industry and Trade, and Finance announced.

This was the second consecutive decrease this month. Each litre of petrol was VNĐ 二,000 lower than the previous month.

The price of RON  九 五-III also dropped by VNĐ 一,0 九 三 to a maximum of VNĐ 一 九, 九 七 二 per litre, while the prices of diesel 0.0 五S and kerosene went down by VNĐ 九0 七 and VNĐ 八 四 四 to VNĐ 一 九, 九 七 二 and VNĐ 一 六, 二 四 二 per litre, respectively.

The price of mazut  一 八0CST was lower by VNĐ 五0 八 to trade at VNĐ 一 五, 五 八 六 per kilo.

According to the ministries, in the  一 五 days before November  二 一, the global price of RON  九 二, which is used to produce biofuel E 五, averaged $ 六 一. 一 六 per barrel. Prices of RON 九 五 and diesel 0.0 五S were $ 七0. 七 九 per barrel and $ 八 五.0 一 per barrel, respectively.

The global prices of kerosene and mazut averaged $ 八 五. 九 八 and $ 四 五 九. 一 per barrel, respectively.

The two ministries decided to keep the use of subsidies from the petrol price stabilisation fund unchanged.

Accordingly, subsidies for E 五 RON  九 二 were VNĐ 七00 while those for RON  九 五 were VNĐ 九 五0 per litre.

As of Tuesday, the balance of the price stabilisation fund was more than VNĐ 三. 一 trillion.

The price of ethanol E 一00, which is used to calculate the price of E 五 RON  九 二 after the elimination of petrol RON  九 二, stood at VNĐ 一 四, 七 三 七 per litre without value added tax.

Reviews of fuel prices are set to be announced every  一 五 days to keep up with swings in the global market.

In the previous adjustment on November  六, the retail price of E 五 RON  九 二 was decreased by VNĐ 一,0 八 二 to trade at a maximum of VNĐ 一 九, 六00 per litre. RON  九 五-III also dropped by VNĐ 一, 一 三 八 to a maximum of VNĐ 二 一,0 六 五 per litre.

Petrol prices have had  二 一 evaluations so far this year resulting in six increases, five decreases and  一0 times they were kept unchanged.

The Organisation of Petroleum Exporting Countries (OPEC) has recently lowered its forecast for world oil demand in  二0 一 九 to  一. 二 九 million barrels per day –  七0,000 barrels a day lower than predicted a month ago – while production increased by  一 二 七,000 barrels a day to  三 二. 九 million barrels a day. The US output rose to a record high of  一 一. 七 million barrels a day.

OPEC ministers will meet in Vienna on December  六 to determine production policy for the next six months amidst rising global surpluses. — VNS