The Ministry of Finance has decreased the retail price of A92 gasoline and diesel by VND500 per litre, effective from 10pm on May 9.
The retail price of A92 gasoline will now be VND23,300 per litre while diesel will be VND21,600 per litre.
On the other hand, kerosene and mazut prices will remain the same, at VND21,400 and VND19,200 per litre respectively.
The ministry has also decided to resume import duty on petroleum products, currently at zero per cent.
At present, tax on gasoline and diesel is two per cent, while on kerosene and mazut they are three per cent.
The decision came after the recent meeting between the finance and industry-trade ministries on a number of issues related to petrol prices, including adjustment in retail price and import duties.
Earlier, gasoline prices had been increased two times in two months by VND3,000 per litre.