Vietnam National Petroleum Group officially reduced the price of E5 Ron 92 fuel, a mixture of 95 percent gasoline and 5 percent ethanol, by VND320 a liter to VND15,350 since February 5 afternoon.
According to the group, the price cut is to suit petrol product prices in the world market. The prices of Ron 92, diesel, engine oil and kerosene remain steady.
On the same day, the Ministry of Industry and Trade decided to reduce contribution level to the price subsidization fund by VND460 a liter of gasoline, VND280 a liter of kerosene, and VND530 a kilogram of engine oil.
The level has been widened by VND20 a liter of diesels and VND40 a liter of E5 gasoline.
Petrol prices have been cut for two times since early this year. The first reduction was VND310 a liter on January 6 and the other totaled VND1,900 on January 21.
Last year petrol prices were lowered for 12 times while diesel and kerosene prices were lessened for 14 times.
