Each liter of gasoline was cut by VND500-670 (2.3-2.8 U.S. cents), while oil products decreased by VND190-470 (0.78-1.9 U.S. cents), starting at 3 p.m. Thursday.
According to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the price of RON 95-III gasoline dropped by VND670 to VND22,320 ($0.92) per liter; and that of E5 RON 92 by VND500 to VND21,290 ($0.88) per liter.
Kerosene and diesel prices fell VND470 and VND190 per liter to VND19,720 ($0.81) and VND20,920 ($0.86), respectively.
The price of mazut went down VND200 per kilogram to VND15,520 ($0.64).
In the latest price adjustments, the ministries continued to hold back on using the national gasoline price stabilization fund to cut prices.
Since the beginning of the year, domestic fuel prices have seen 34 adjustments, including 17 upward, 13 downward and four unchanged.
The ministries said that the world gasoline market has decreased in the past seven days due to concerns over China's economic slowdown and a sharp increase in U.S. gasoline reserves.
The average price of RON 92 gasoline dropped 3% to $89.05 per barrel; while that of RON 95 was $93.43 per barrel, down 4%.
The prices of diesel and kerosene decreased to $99.01 and $104.9 per barrel, respectively.