HANOI, Oct. 11 (Xinhua) -- Vietnam cut its petrol prices on Wednesday, Vietnam News Agency reported.
After the establishment of the petrol price stabilization fund, Vietnam's gasoline and refined oil prices fell sharply, the report said.
The price of E5 RON92 per liter was cut by 1,595 Vietnamese dong (0.065 U.S. dollar) to 21,907 dong.
RON95-III petrol price was cut by 1,798 dong to 23,044 dong. The price of diesel oil decreased by 1,184 dong to 22,410 dong per liter.
Meanwhile, the prices of kerosene and mazut were reduced to 22,464 dong per liter and 16,238 dong per kilogram, respectively.
The ministries that adjusted the petrol prices decided not to use the petrol and oil price stabilization fund.
The price adjustment is intended to ensure that the fluctuation of petrol and gas prices in the Southeast Asian country is in line with changes in prices worldwide. It also aims to encourage the use of biofuel as well as minimize negative impacts on socio-economic development, production and business activities.
Since the beginning of this year, Vietnam's petrol prices have been adjusted 28 times, online newspaper Cong Thuong (Industry and Trade) reported. (1 U.S. dollar equals 24,450 Vietnamese dong) ■