Diesel prices were cut by 8.2% to 10,200 dong (US$0.46) per litre while kerosene prices were slashed 8.7% to 9,380 dong, state-owned fuel importer and distributor Petrolimex said in a statement.
Gasoline retail prices were reduced by 3.7% to 15,440 dong per litre, while the prices of other oil products were slashed by up to 3.9%, said Petrolimex. The changes took effect from 0800 GMT.
On Jan. 4, the Hanoi-based firm cut petrol prices by around 2%, citing lower global oil prices.
Oil prices have dropped to 12-year lows as a global supply glut will likely last until at least late 2016, according to the International Energy Agency, which advises industriazised countries on energy policy. (US$1=22,410 dong).