Fuel prices have surged more than 20% in Vietnam amid the Middle East conflict, raising fears of shortages and disrupting transportation across Southeast Asia
Hanoi: Petrol prices in Vietnam rose more than 20 percent on Friday after the government announced an overnight hike amid fears of oil and gas shortages due to the Middle East war.
Southeast Asian countries have had to bear the brunt of rising diesel prices following strikes against energy infrastructure in Iran and Gulf countries.
Just before midnight Thursday, the Vietnamese government announced a 20 percent increase in the price of 95-octane gasoline from the weekend, to 30,690 Vietnamese dong ($1.20) per liter, while the price of diesel rose nearly 34 percent to 33,420 dong.
Prices of regular octane 95 and diesel at the manufacturing hub have increased by more than 50 and 70 percent, respectively, since the conflict began in late February.
Vietnam’s trade ministry said in a statement posted online that the increase was a result of the conflict in the Middle East, Iran’s control over the key Strait of Hormuz and the Russia-Ukraine war, which have affected global fuel prices.
The government said Prime Minister Pham Minh Chinh had spoken by phone to several countries, including Qatar, Kuwait, Algeria and Japan, asking for fuel aid.
The aviation authority has warned of a possible reduction in domestic flights due to possible fuel shortage.
But state media quoted officials as saying the country could ensure enough oil and gas for domestic consumption by the end of April.
A Hanoi resident told AFP on Friday that the price hike had reduced traffic flow on the capital’s normally busy streets.
“Traffic seems to be slowing down because I think many people, like me, can’t afford the ever-increasing fuel costs,” office worker Minh Anh said after catching the train to work.
“Ordinary people like me are the ultimate victims of this fuel crisis,” he told AFP.
Neighboring Laos on Thursday ordered all schools across the country to cut their weekdays to three days from next week, as fuel shortages and high prices have disrupted transport and daily life in the landlocked country.
Prices at petrol pumps in Myanmar rose by nearly 30 percent from Thursday to Friday.
AFP journalists saw long queues of vehicles at a petrol station near Mandalay as motorists rushed to fill up their tanks.
Thailand also saw fuel prices rise this week, as the government announced a diesel rate hike on Wednesday.
