The retail prices of oil and gasoline products in Vietnam dropped by over VND1,000 (US$0.04) per liter at 3:00 pm on Thursday, according to an announcement jointly released by the Ministry of Industry and Trade and the Ministry of Finance.

The price of RON95 gasoline is capped at VND22,320 ($0.96) per liter, down VND1,310 ($0.05), while biofuel RON92 is priced at VND21,430 ($0.92) per liter, down VND1,250.

Oil products were also revised down during the fuel price adjustment.

The price of diesel oil went down by VND1,140 to VND18,250 ($0.78) per liter, while each liter of kerosene costs VND18,520 ($0.79), down VND960.

The price of heavy fuel oil inched downward by VND340 to VND15,500 ($0.67) per kilogram.

The two ministries also decided to charge buyers VND500 for each liter of gasoline sold and VND300 for each liter or kilogram of oil products to replenish the fuel price stabilization fund.

Since the start of the year, the prices of petrol products have been adjusted 13 times, with seven increases and five cuts.

Before the latest adjustment, due to some signs of a cut in fuel prices, discounts for fuel retailers rose to VND2,000 ($0.08) per liter or kilogram for all oil and gasoline products.

At the approach of the adjustment, several distributors offered a discount of VND2,500 ($0.1) per liter or kilogram to retailers in order to help them cope with expected low retail prices.

Many retailers said that these high discounts were predicted to last for a few days so that fuel distributors can address their inventories to cut losses.

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