Both the Ministry of Finance, and Industry and Trade decided to reduce gasoline retail price by VND800 a litre on Thursday afternoon.
A litre of A92 gasoline will now cost VND21,900.
Similarly, diesel and kerosene price has been slashed by VND700 to cost VND20,500 and VND20,400 a litre respectively.
Engine oil price was also reduced by VND650 to cost VND18,250 a kilogram.
This is the third decrease in gasoline price since the beginning of May, with total reduction of VND1,900.
Import tariff of petrol has also increased by 3 per cent to reach 7 per cent as of now.
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