Fuel prices have dropped to VND15,442 (US73 cents) a litre, the lowest in six years.
The Ministry of Finance and the Ministry of Industry and Trade asked firms to lower A92 petrol prices by VND590 to VND15,442 a litre on January 19, the lowest since October 1 2009, when it was VND15,200 a litre.
A litre of E5 is now VND14,759 and VND10,207 for diesel. Kerosene and mazut prices dropped to VND9,388 and VND7,245 a litre, respectively.
This is the second fuel price adjustment this year. On January 4, the price for RON92 declined VND370 a litre. Fuel prices were adjusted 18 times last year, with six increases and 12 decreases.
World fuel prices have been falling. On January 18, Brent crude oil price dropped to USD27.67 a barrel, the lowest since 2003, on increased supplies. The lifting of sanctions on Iran's oil has raised concerns about further oversupply.