Fuel retailers cut prices for the second time in July on Monday. Photo: Ngoc Thang

Vietnam fuel retailers cut gasoline prices by up to 2 percent Monday and oil prices by around 7 percent, the third price reduction this year as global rates continued to fall.

The most popular gasoline grade RON 92 now sells at VND20,120 a liter and its biofuel alternative E5 at VND19,625 a liter.

Diesel price has gone down to VND14,681 a liter, mazut at VND11,434 a kilogram and kerosene at VND13,750.

A source from the trade ministry said the average world fuel prices have dropped 3 to 7 percent the past 15 days.

It is the third fuel price reduction this year after four consecutive hikes since March, and the second time this month after slight declines on July 4.