Retail petrol prices reduced by more than 600 VND per litre from 3pm on March 21.

Accordingly, the retail price of RON95 bio-fuel dropped by 632 VND to a maximum of 29,192 VND (1.28 USD) per litre, while that of E5RON92 was adjusted down by 655 VND to no more than 28,330 VND per litre.

This is the first decline following seven consecutive hikes of petrol prices in 2022, with total increases amounting to over 6,500 VND per litre.

The two ministries also decided to use the petrol price stabilisation fund at a rate of 200 VND per litre for E5 RON 92, and 50 VND per litre for RON 95, and 400 VND per litre for diesel.

The world petrol prices have shown a tendency to increase again over supply reduction concerns, the Ministry of Industry and Trade said.