HÀ NỘI — Retail fuel prices were simultaneously reduced from 15:00 on Thursday following the latest adjustment by the Ministry of Industry and Trade (MoIT) and and the Ministry of Finance, with E5RON92 biofuel recording the sharpest decline.

Under the new pricing scheme, the two ministries decided neither to set aside nor use the petroleum price stabilisation fund during this adjustment period.

Accordingly, the price of E5RON92 was capped at VNĐ23,134 (US$0.88) per litre, down VNĐ656 from the previous ceiling price.

Meanwhile, the price of RON95-III gasoline was reduced by VNĐ276 to a maximum of VNĐ24,078 per litre. Diesel 0.05S now costs no more than VNĐ27,226 per litre, down VNĐ268, while mazut 180CST 3.5S fell by VNĐ587 to VNĐ20,585 per kilogramme.

The MoIT said global fuel markets during the latest pricing period were influenced by several factors, including reports that the US and Iran were moving towards a temporary agreement to ease tensions, while clashes between the two sides continued and the Strait of Hormuz remained largely blocked.

Other factors included the possibility of further interest rate hikes by the US Federal Reserve to curb inflation and the ongoing Russia–Ukraine conflict.

These developments caused global refined fuel prices to fluctuate depending on product categories.

According to the ministry, Việt Nam’s retail fuel prices remain lower than those in neighbouring countries sharing borders with Việt Nam. On Thursday, petrol prices stood at around VNĐ35,896 per litre in Thailand, VNĐ33,798 in Cambodia, VNĐ40,096 in Laos, and VNĐ35,438 in China. — VNA/VNS