The former will go down to 20 percent and the latter to 25 percent.
The move follows a demand to raise prices by wholesalers who claim they are suffering a loss of VND500 a liter. The retail price of the popular A92 variety is now expected to remain stable at VND11,000.
The ministry has also allowed the wholesalers to defer repayment of loans to the Government due in February and March.
Global oil prices around US$37 a barrel but gasoline, which Vietnam imports because it does not have refineries, is at over $60.