Retail fuel prices in Vietnam went down 4 percent at 3 p.m. Wednesday, two weeks after a similar cut was made as the global prices continued to plummet.
The most popular gasoline grade RON-92 now sells at VND18,536 (82.8 US cents) a liter, down VND768.
The biofuel alternative E5 received a similar price cut to VND18,041 (80.6 US cents) a liter.
Petrolimex, the state-owned fuel retailer, also cut diesel oil prices by 3 percent to VND13,521 a liter and kerosene prices by 5.4 percent to VND12,409 per liter.
The price reduction was the sixth this year. There have been four hikes.
Global fuel prices have continued to drop. WTI crude oil price in New York on Tuesday dropped to $41.79 a barrel, the lowest since March 2009, while the price on Asian market fell to $41.88 a barrel on the same day.
But Petrolimex is still making a lot of profit.
Its recent report showed a net profit of VND1.59 trillion ($70.83 million) during the first half this year, up 137 percent over the same period last year.
Tran Ngoc Nam, its deputy director, said the success came from profitable activities by its members in other sectors, including petrochemistry and insurance, and a 12 percent year-on-year increase in fuel sale in the second quarter.