This is the thirteenth consecutive reduction as well as the largest cut in petrol prices since mid-July.

The price of a litre of RON 92 has been cut by VND2,058 to stand at VND17,881 ($0.83). After twelve rounds of cuts, the petrol prices have been reduced by VND7,769 per litre.

The price of mazut has been reduced by VND1,692 per kilogram to touch VND13.135 ($0.6) per kilogram.

The price of one litre of diesel was also slashed by VND1,414 to reach VND16,999 ($0.8), while the price of one litre of kerosene was cut by VND1,571 to touch VND17,400 ($0.8).

The petrol price is now at a four-year low.

According to Petrolimex, the price cut was in accordance with the principles for determining the retail price, as stated in government decree 83/2014/ND-CP on petroleum business.

The cut also follows global crude prices, which dropped by more than 40 per cent since July from $112 per barrel to an average of $65 a barrel in December.

The MoF also told wholesale dealers of fuel to increase their use of the fuel price stabilisation fund from VND300 to VND800 per litre.

VNS