The new prices, announced jointly by the ministries of Industry and Trade and Finance, took effect from 3 pm local time.
Diesel prices were reduced by VND 680 to VND 27,490 (USD 1.04) per litre, while E5 RON92 petrol fell to VND 23,790 per litre and RON95 petrol to VND 24,350 per litre.
Mazut prices were also cut to VND 21,170 per kilogramme.
Authorities again refrained from using or replenishing the country’s fuel price stabilisation fund during the latest review period.
Officials said domestic fuel prices remained lower than those in neighbouring countries.
At the first regular cabinet meeting of the government’s 2026-2031 term on May 4, Industry and Trade Minister Le Manh Hung said petroleum reserves had improved significantly, giving authorities greater flexibility in managing fuel supplies and prices.
Hung said expanded reserves had strengthened the energy system’s resilience against external shocks and market volatility. Domestic refineries were also operating steadily at high capacity to maintain stable fuel supplies, he added.
Despite ongoing tensions in the Middle East disrupting global energy supply chains, Hung said fuel and electricity supplies had remained stable, with no disruptions recorded.
The Ministry of Industry and Trade said it would continue monitoring fuel traders to ensure adequate market supply and would strictly handle any violations.