Only a fortnight after sending domestic fuel prices to record high, local wholesalers Tuesday announced price cuts, yet by a modest amount of VND500 a liter.

A92 gasoline retail price went from VND24,550 to VND24,050 a liter, while diesel and kerosene saw a VND450 per liter reduction, dropping to VND21,450 and VND21,600 a liter, respectively.

The new prices were applicable starting 6pm.

This is the second fuel price adjustment this year, after the shocking increase on March 27, when gasoline price was hiked by as much as VND1,430 to reach the highest-ever rate.

The price cuts came after a document released by the finance ministry ordering that wholesalers consider reducing fuel retail prices as they were enjoying profits ranging from VND42 to VND481 per liter on all of the fuel products.

Along with the price cut, the finance minister also reinstated the fuel import duties. Specifically, import taxes for gasoline and diesel were hiked from zero to 2 percent, while kerosene and mazut, from zero to 3 percent.

The finance ministry decided to cut prices at a time when global prices cooled down, it said in a statement.

Gasoline prices in Singapore, the country’s main fuel supplier, were on a decline over the last 10 days, revolving around US$123 a barrel.

The price hike in late March was the first fuel price adjustment since November 2012, when the A92 gasoline retail price was cut by VND500 to VND23,150 a liter.

Fuel retail prices were hiked six times in 2012, gaining a combined VND6,050 a liter. There were also six price cuts, but worth a total of only VND3,700 a liter. The last highest-ever price was VND23,800 a liter, imposed on April 20, 2012.