Accordingly, the price of RON 95-III bio-fuel went down 1,080 VND per litre to 22,700 VND (0.92 USD) per litre, from 3 pm on December 1.
Meanwhile, the retail price of E5 RON 92 decreased by 1,000 VND to 21,670 VND per litre.
The price of oils also reduced sharply, with that of diesel oil cut by 1,590 VND to 23,210 VND per litre, and that of kerosene down by 1,080 VND to 23,560 VND per litre. Mazut oil was priced at 13,950 VND per kg, a decline of 830 VND.
The two ministries also determined to extract 300-400 VND per litre from petrol, diesel and kerosene prices, for the petrol price stabilisation fund.