The cost of petrol rose by more than 20 per cent in Vietnam on Friday following an overnight government announcement of a price hike amid concerns over oil and gas shortages triggered by the Middle East conflict.
Southeast Asian nations, including Vietnam, have faced significant impacts from surging diesel prices due to strikes on energy infrastructure in Iran and Gulf states.
Just before midnight on Thursday, the Vietnamese government increased the price of 95-octane gasoline by 20 per cent from the weekend level to 30,690 Vietnamese dong ($1.20) per litre, while diesel rose by nearly 34 per cent to 33,420 dong.
This adjustment has pushed prices of regular 95-octane gasoline and diesel in the manufacturing hub more than 50 and 70 per cent higher, respectively, since the conflict began in late February.
Vietnam’s trade ministry stated in an online posting that the hike resulted from the conflict in the Middle East, Iran’s control of the Strait of Hormuz, and the Russia-Ukraine war, all influencing global fuel prices.
The government revealed that its prime minister held phone discussions requesting fuel support from countries including Qatar, Kuwait, Algeria, and Japan.
The aviation authority issued warnings about potential reductions in domestic flights owing to possible fuel shortages.
However, state media quoted officials stating that the country can ensure sufficient oil and gas for domestic consumption until the end of April.
A Hanoi resident spoke to AFP on Friday about how the price increases had lessened traffic on the capital’s usually congested roads.
“The traffic seems to ease as I think many cannot afford this continuous hike in the fuel cost like myself,” office worker Minh Anh said after catching a train to work.
“Ordinary people like myself are the end sufferers of this fuel crisis,” she told AFP.
In Myanmar, petrol pump prices rose by around 30 percent from Thursday into Friday.
AFP journalists observed long queues of vehicles at a petrol station near Mandalay as drivers hurried to refuel.
Thailand experienced fuel price surges this week as well, with the government announcing higher diesel rates on Wednesday.
