Gasoline prices fell VND790-900 (3.2-3.7 U.S. cents) per liter and that of oil products dropped VND290-340 (1.2-1.4 U.S. cents) per liter starting 3 p.m. Thursday.
Under a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the prices of RON 95-III gasoline went down VND900 to VND23,260 ($0.95) per liter, and that of E5 RON 92 down VND790 to VND22,120 ($0.91) per liter.
This was the first drop in domestic gasoline prices since the beginning of 2024 following four consecutive hikes.
Diesel and kerosene prices were down VND290 and VND340 per liter to VND20,700 ($0.85) and VND20,580 ($0.84), respectively.
The price of mazut fell VND490 per kilogram to VND15,590 ($0.64).
In the latest price adjustments, the ministries decided to deduct VND300 ($1.2 U.S. cents) per kilogram of mazut for the national gasoline price stabilization fund.
They said the world petroleum market was influenced by factors like ceasefire negotiations in Gaza, conflicts in the Red Sea region, increasing petroleum inventories in the U.S., the overhaul of American oil refineries, refinery fires in Russia, and lingering difficulties surrounding the Chinese economy.
The above factors have caused world gasoline prices to fall in recent days, they said.