Under an adjustment announced by the Ministry of Industry and Trade and the Ministry of Finance, effective from 10 pm on Wednesday, the price of E5 RON92 petrol fell by VND 3,620 to VND 22,950 per litre.
RON95 petrol dropped by VND 3,880 to VND 25,240 per litre.
Diesel prices were reduced by VND 4,240 to VND 26,470 per litre, while kerosene plunged by VND 7,970 to VND 24,410 per litre. Mazut declined by VND 5,700 to VND 19,000 per kilogramme.
Authorities continued to draw on the fuel price stabilisation fund to cushion the market, using VND 4,000 per litre for petrol, VND 5,000 for diesel and VND 4,000 for kerosene and mazut.
The move follows a period of sharp increases in domestic fuel prices in line with global market trends. Since the beginning of the year, petrol prices have been raised eight times and cut five times.
According to the Ministry of Finance of Vietnam, the balance of the fuel price stabilisation fund held by 27 major distributors stood at about VND 5.617 trillion (about USD 213.6 million) as of the end of the third quarter of 2025.
Earlier, from 11.45 pm on March 10, domestic fuel prices had been raised, with E5 RON92 petrol increasing by VND 1,350 to VND 26,570 per litre and RON95 rising by VND 2,080 to VND 29,120.
Amid rising tensions in the Middle East, the government has also moved to stabilise the market by boosting supply and cutting most-favoured-nation import tariffs on several petroleum products and blending materials to zero per cent.
The decree took effect immediately and will remain in force until April 30, with the industry ministry authorised to propose an extension if necessary.
Prime Minister Pham Minh Chinh has also instructed the Ministry of Finance to urgently propose reducing the environmental protection tax on fuel to zero, with a report due to the government on March 12.
