Vietnam Petrol Prices Surge 20% Amid Oil Shortage Fears

On a Friday, the Vietnamese government announced a 20% increase in the price of 95 octane gasoline, raising it to 30,690 Vietnamese dong per liter, effective from midnight Thursday. Diesel prices also surged by nearly 34%, reaching 33,420 dong per liter.

This price hike is attributed to the ongoing conflict in the Middle East, particularly Iran's control over the Strait of Hormuz, and the impacts of the Russia-Ukraine war on global fuel prices. The Prime Minister has engaged in discussions with several countries, including Qatar, Kuwait, Algeria, and Japan, to seek fuel support.

State media reported that the government aims to ensure adequate oil and gas supply for domestic consumption until the end of April. Residents in Hanoi expressed concerns about the rising fuel costs affecting their daily lives, with reports of reduced traffic flow in the capital.

Additionally, petrol prices in Myanmar increased by around 30% on the same day, leading to long queues at petrol stations.