The popular fuel RON95 went down 11.5% from Tuesday to VND29,950 per liter.
Biofuel E5 RON92 slid 6.78% to VND28,070 per liter.
Diesel decreased by 4.46% to VND37,890 per liter.
The adjustment comes after prices were raised late on Tuesday, when RON95 rose 10.3% to VND33,840 per liter and diesel increased by 18.6% to VND39,660.
Globally, RON95 gasoline fell 12.3% from Tuesday to $146.36 per barrel, diesel slid 4.46% to $218.93 per barrel, according to the Ministry of Industry and Trade and the Ministry of Finance.
The trade ministry said escalating conflict in the Middle East has placed the domestic fuel market under pressure, but local fuel supply remains secure.