Petrol prices in Vietnam rose sharply by more than 20 percent on Friday following a government announcement late Thursday, March 19, of an overnight increase amid concerns over potential oil and gas shortages linked to the ongoing Middle East conflict.
The price adjustment, which took effect just before midnight, saw 95-octane gasoline rise by 20 percent to 30,690 Vietnamese dong ($1.20) per litre, while diesel jumped by nearly 34 percent to 33,420 dong per litre.
The latest hike means that prices of petrol and diesel in the Southeast Asian manufacturing hub have climbed by over 50 percent and 70 percent respectively since the conflict began in late February.
In a statement, Vietnam’s trade ministry attributed the increase to global supply pressures driven by tensions in the Middle East, particularly Iran’s control of the Strait of Hormuz, as well as the ongoing Russia-Ukraine war.
The government also disclosed that the prime minister has initiated talks with countries including Qatar, Kuwait, Algeria, and Japan to secure fuel support and stabilise supply.
Authorities have warned that domestic flight operations could be affected if shortages persist, with the aviation sector already bracing for possible disruptions.
Despite the situation, state media quoted officials as assuring that the country has sufficient oil and gas reserves to meet domestic demand until the end of April.
The impact of the price hike is already being felt by residents. In Hanoi, reduced traffic was observed as commuters adjusted to rising fuel costs.
“The traffic seems to ease as I think many cannot afford this continuous hike in fuel cost like myself,” a resident, Minh Anh, told AFP, adding that ordinary citizens are bearing the brunt of the crisis.
Similar trends have been reported across the region. In Myanmar, fuel prices rose by about 30 percent between Thursday and Friday, triggering long queues at petrol stations, particularly near Mandalay. Thailand has also recorded an increase in fuel prices this week following a government announcement of higher diesel rates on Wednesday.
