Figures posted by the ministry showed the move would bring petrol prices down by around 26 per cent and reduce diesel prices by just over 15 per cent after the cost of fuel skyrocketed earlier this week.
The government also lowered the price of 95-octane petrol to 24,332 dong (US$0.92) per litre on Friday, down from 32,957 dong, while diesel prices decreased to 35,440 dong per litre.
Vietnam had adjusted its fuel prices twice on Wednesday, bringing down costs after the price of diesel more than doubled since the start of the Middle East war late last month.
A surge in oil prices since the start of the conflict has sent fuel costs spiralling and sparked fears of shortages around the world after Iran partially closed the crucial Strait of Hormuz energy trade route.
Read the full article here
