Vietnam raises petrol prices by 20% and diesel by 34% overnight due to Middle East conflict, with shortages threatening domestic flights.
HANOI: Petrol prices in Vietnam surged overnight by more than 20% following a government announcement late on Thursday.
The hike is a direct response to fears of oil and gas shortages stemming from the ongoing Middle East conflict.
The price of 95-octane gasoline rose by 20% to 30,690 Vietnamese dong (USD 1.20) per litre. Diesel saw a sharper increase of nearly 34%, reaching 33,420 dong per litre.
Since the conflict began in late February, prices for these fuels have risen by over 50% and 70% respectively. The trade ministry cited the Middle East war, Iran’s control of the Strait of Hormuz, and the Russia-Ukraine war as key drivers of global price increases.
Prime Minister Pham Minh Chinh has held phone talks seeking fuel support from countries including Qatar, Kuwait, Algeria, and Japan. The aviation authority has warned of potential reductions in domestic flights due to fuel shortages.
State media, however, quoted officials saying the country can ensure enough oil and gas for domestic consumption until the end of April. The price hike has already impacted daily life in the capital.
“The traffic seems to ease as I think many cannot afford this continuous hike in the fuel cost like myself,” said Hanoi office worker Minh Anh. She told AFP that ordinary people are the “end sufferers of this fuel crisis.”
The surge is part of a broader regional trend affecting Southeast Asia. In Myanmar, petrol pump prices increased by around 30% from Thursday into Friday.
AFP journalists observed long queues at a petrol station near Mandalay as motorists rushed to fill their tanks. Thailand also saw fuel prices shoot up this week after the government announced higher diesel rates.
