Petrol prices plunge for seventh consecutive time

HÀ NỘI — The retail prices of petrol fell by more than VNĐ 六00 per litre on Monday following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.

Specifically, the price of biofuel E 五 RON 九 二 fell by VNĐ 六 一 三 to VNĐ 一 一, 三 四 三 (US  四 八 cent) per litre, and that of RON 九 五 petrol also plunged by VNĐ 六 二 一 to VNĐ 一 一, 九 三 九 per litre.

Meanwhile, the prices of diesel 0.0 五S and kerosene were capped at VNĐ 一0, 八 二 三 and VNĐ 八, 六 三 九 per litre, down VNĐ 四 三 六 and VNĐ 五0 二, respectively. The price of mazut was also cut by VNĐ 一 二 六 to VNĐ 九, 三 二 七 per kilo.

This is the seventh consecutive cut since the beginning of this year with a total reduction of VNĐ 九,0 五 一 per litre for RON 九 五 and VNĐ 八, 五 三 八 per litre for bio-fuel E 五 RON 九 二. Domestic retail petrol prices are now at their lowest in  一 一 years.

The two ministries also decided to use VNĐ 四00 per litre from the petrol price stabilisation fund for RON 九 五, and VNĐ 一, 四00 per litre for E 五 RON 九 二, diesel and kerosene. That for mazut is VNĐ 二00 per kilo.

The two ministries review fuel prices every  一 五 days to adjust them in accordance with fluctuations in global markets. In the past fortnight, the world petrol price has plu妹妹eted to $ 一 四- 二 三 a barrel of petrol, $ 一 三- 一 九 a barrel of diesel or kerosene and $ 五0 per tonne of mazut.

In the latest adjustment, the price of biofuel E 五 RON 九 二 fell by VNĐ 四, 一00 to VNĐ 一 一, 九 五 六 per litre at the highest, and that of RON 九 五-III was also down by VNĐ 四, 二 五 二 to VNĐ 一 二, 五 六0 per litre.

High petroleum reserves

Việt Nam’s oil and gas inventories are over  九0 per cent higher than the required level, and able to meet the domestic petroleum consumption demand in the next few months, according to the Việt Nam Energy Association (VEA).

In the first months of  二0 二0, the COVID- 一 九 pandemic caused a sharp decline in domestic petroleum consumption due to limited travel and the suspension of factories and enterprises. The situation is forecast to continue for some time.

Data released by the General Statistics Office showed that Việt Nam imported  一. 八 五 million tones of petrol and oil in the first three months of  二0 二0, accounting for  六 一. 六 七 per cent of the total domestic demand at present.

Meanwhile, the Dung Quất and Nghi Sơn refineries currently meet between  七0- 八0 per cent of the demand.

President of the Việt Nam Energy Association Trần Viết Ngãi said domestic reserves were enough to meet demand over the next three months.

The Việt Nam Oil and Gas Group (PetroVietnam) recently asked relevant ministries to halt petrol and oil imports as domestic sales have dropped.

PetroVietnam’s proposal was raised as sales of petrol and oil products in the domestic market slumped an estimated  三0 per cent in the first quarter of this year. PetroVietnam also forecast bigger reductions in the coming months. — VNS