Fifth cut this year on back of declining crude oil prices and Petrolimex reporting handsome profits.
Retail petrol prices were cut again from 3pm on August 19 under a decision from the Ministry of Industry and Trade and the Ministry of Finance.
The price of RON 92 fell VND768 ($0.03) per liter to VND18,536 ($0.83), while the price for E5 was cut VND759 ($0.03) per liter to VND18,041 ($0.81).
Diesel is down VND441 ($0.02) per liter to VND13, 521 ($0.6), kerosene VND703 ($0.03) to VND12,409 ($0.55), and Mazut VND736 ($0.03) to VND10,136 ($0.45).
Prices have increased four times and fallen five times since the beginning of the year.
The price cuts are primarily due to falling crude oil prices and Petrolimex reporting huge after-tax profits in the second quarter of VND1.12 trillion ($50.91 million), an increase of 170 per cent against the same period last year. After-tax profits in the first half were 1.58 trillion ($71.78 million), 137 per cent higher than in the first half of 2014.