The price of popular gasoline RON 95 decreased by VND110 to VND32,760 per liter, while that of biofuel E5 RON 92 fell VND410 to VND30,890 ($1 = VND23,280).
The prices of other fuels, including kerosene, diesel and mazut were also lowered by 1.5-5.1 percent.
Prices of finished petroleum products on the global market fell by 0.8-6.6 percent since the last adjustment on June 21.
To cope with the skyrocketing prices, the Ministry of Finance has proposed cuts in environmental, excise and value-added taxes on gasoline.
If approved by the Standing Committee of the National Assembly, the environmental tax cut of VND500-1,000 is expected to take effect early August.
Lowering excise and value-added taxes will have to wait for a greenlight from the National Assembly. Its upcoming session is scheduled for October.