Petrol prices were adjusted down for the fourth time in a row at 3:00 pm on Monday by Vietnam’s Ministry of Industry and Trade and Ministry of Finance.
The retail price of bio-fuel E5RON92 dropped by VND444 to VND24,629 (US$1.06) per liter, while that of the popular RON95-III gasoline was cut by VND462 to VND25,608 per liter.
Diesel and kerosene now cost VND23,908 and VND24,533 per liter, a decrease of VND950 and VND713, respectively.
The two ministries also decided to use the petrol price stabilization fund at a rate of VND450-800 per liter.
After sliding for four successive times, petrol prices have reduced about VND6,500 ($0.28) per liter in total in Vietnam.
On the global market, oil prices dropped about four percent on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week’s meeting of OPEC and its producer allies on supply, according to Reuters.