Vietnam has cut retail fuel prices for the second time this month on Tuesday as international crude oil prices have plunged to their lowest in 12 years.

Diesel prices were cut by 8.2 percent to 10,200 dong ($0.46) per litre while kerosene prices were slashed 8.7 percent to 9,380 dong, state-owned fuel importer and distributor Petrolimex said in a statement.

Gasoline retail prices were reduced by 3.7 percent to 15,440 dong per litre, while the prices of other oil products were slashed by up to 3.9 percent, said Petrolimex. The changes took effect from 0800 GMT.

On Jan. 4, the Hanoi-based firm cut petrol prices by around 2 percent, 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 industrialised countries on energy policy. ($1=22,410 dong)