It was the fourth fuel price cut after five hikes in a row and the eighth cut since the beginning of this year.
The decision also reduced the prices of diesel by VND637 and kerosene and mazut by over VND370 per litre.
RON 92 and E5 are now sold at no more than VND14,699 and VND14,250 per litre respectively, while the ceiling prices of diesel 0.05S and kerosene are VND11,661 and VND10,269 per litre.
The ministries said the global price of fuel during the last 15 days to August 4 was US$47.02 per barrel, down nearly US$3 per barrel while the price of diesel 0.05S reduced by approximately US$5 per barrel.
The base fuel prices will be adjusted by the two ministries every 15 days, depending on the fluctuation of world oil and gas prices since the previous announcement and should be in accordance with the government’s Decree 83/2014/ND-CP, and Circular 39/2014/TTLT-BCT-BTC.