The Ministry of Industry and Trade and the Ministry of Finance announced the price adjustment, effective from midnight on March 26.
Under the latest revision, E5 RON 92 petrol fell by VND 4,750 per litre to VND 23,320 (about USD 0.93), while RON 95 dropped by VND 5,620 per litre to VND 24,330 (about USD 0.97).
Diesel prices decreased by VND 2,450 per litre to VND 35,440 (about USD 1.42), while kerosene fell by VND 970 per litre to VND 35,380 (about USD 1.42). In contrast, mazut rose by VND 1,500 per kg to VND 21,740 (about USD 0.87).
In this pricing cycle, authorities did not draw on the fuel price stabilisation fund. In the previous eight adjustments, the fund had been repeatedly used to curb rising domestic fuel costs.
The latest move marks a second consecutive reduction in petrol prices. Since the start of the year, RON 95 prices have risen 10 times, fallen seven times and remained unchanged twice.
The sharp decline follows Decision 482 issued on March 26 by the prime minister, allowing the application of tax measures in the national interest from March 26 until April 15.
Under the policy, environmental protection tax on petrol excluding ethanol, diesel and aviation fuel has been cut to zero. These fuels are exempt from value added tax declarations and payments, while still allowing input tax deductions. In addition, the special consumption tax on petrol has been reduced to 0 per cent.
Earlier this month, the government also reduced import duties on fuel to 0 per cent until the end of April, a move estimated to reduce state budget revenues by more than VND 1 trillion.