Gasoline prices dropped by VND1,600-1,800 ($0.65-0.74) per liter and that of oil products by VND1,180-1,350 ($0.48-0.55) per liter starting at 4 p.m. Wednesday.
The prices recorded consecutive increases from July 11 to September 21 before dropping on October 2. This is the second decline since then.
The price of RON 95-III gasoline decreased by VND1,800 ($0.74) per liter to VND23,040 ($0.94); and that of E5 RON 92 by VND1,600 ($0.65) per liter to VND21,900 ($0.9), the lowest levels in nearly two months.
The latest price adjustments were made jointly by the Ministry of Industry and Trade and the Ministry of Finance.
Kerosene, diesel, and mazut prices also decreased by more than VND1,000 ($0.41) per liter and kilogram.
For the latest price adjustment, the ministries refrained again from using the price stabilization fund.
From the beginning of the year until now, domestic fuel prices have seen 29 adjustments, 16 of which saw them increase, 9 saw decreases and four saw prices remain unchanged. According to the two ministries, prices in the world petroleum market have dropped in the past 10 days due to tensions in the Middle East region.
Statistics from Trading Economics show that world brent crude futures steadied around $88 per barrel Wednesday as fears of possible supply disruptions in the Middle East due to the Israel-Hamas conflict started to fade. Saudi Arabia also reiterated its support for efforts by OPEC+ to balance oil markets and measures that can bolster global growth.