Fuel traders reduced pump prices by VND200-500 a liter on Tuesday night, 12 days after the first cut of this year.
The popular A92 gasoline now costs VND15,990 a liter, down from VND16,490 while the price of A95 gasoline fell by VND500 to retail at VND16,490, following an order from the Ministry of Finance.
The price of kerosene dropped by VN300 to VND14,700.
Diesel, meanwhile, now costs VND14,400 instead of VND14,600.
The ministry also told local fuel traders to stop using a state fund reserved for stabilizing oil products prices as of June 9, explaining fuel prices have fallen to US$80-$85 a barrel in Singapore, Vietnam's major supplier.
On May 27, fuel firms lowered gasoline prices by VND500 per liter but kept prices of diesel and kerosene unchanged.