The ministries of Industry and Trade and Finance adjusted retail fuel prices at 3 pm on October 15.
The price of E5 RON 92 petrol fell by VND 730 a litre to VND 26,970 (about USD 1.04), while E10 RON 95 dropped by VND 1,230 to VND 27,020 (about USD 1.04).
Diesel prices decreased by VND 20 a litre to VND 29,100 (about USD 1.12), while mazut rose by VND 1,040 a kilogram to VND 22,130 (about USD 0.85).
A worker fills an E10 vehicle at a petrol station in Ho Chi Minh City in June (Photo: Nam Anh).
In this pricing round, regulators decided to contribute VND 200 a litre of petrol to the price stabilisation fund and draw VND 500 from the fund for mazut.
The cuts reversed a six-session run of petrol price increases, while diesel prices continued to decline. Fuel prices in Vietnam remain lower than those in other countries across the region.
On international markets on October 15, oil prices fell by more than 1 per cent as investors weighed the risk of supply disruptions caused by attacks on vessels passing through the Strait of Hormuz, alongside the possibility that the United States could ease sanctions on some oil tankers to reduce transport costs.
Brent crude fell by USD 1.76 a barrel to USD 104.30, while US West Texas Intermediate crude dropped by USD 1.06 to USD 94.03, reversing gains from the previous session.
