Petrol prices have surged sharply across parts of Southeast Asia, with Vietnam recording a spike of more than 20 percent on Friday following a sudden government-approved increase driven by concerns over fuel shortages linked to the ongoing Middle East crisis.
Authorities in Vietnam announced late Thursday night that the price of 95-octane gasoline would rise by 20 percent to 30,690 Vietnamese dong ($1.20) per litre.
The development highlights the widening global ripple effects of the crisis, as several Southeast Asian nations struggle with escalating energy costs.
Diesel prices in Vietnam climbed even higher, rising by nearly 34 percent to 33,420 dong per litre. Overall, petrol and diesel costs in the country have surged by more than 50 percent and 70 percent respectively since the conflict began in late February.
In a statement, the country’s trade ministry attributed the increase to tensions in the Middle East, Iran’s control of the Strait of Hormuz, and the lingering impact of the Russia-Ukraine war.
The government also revealed that the Prime Minister has begun diplomatic engagements with countries such as Qatar, Kuwait, Algeria, and Japan to secure fuel supplies.
Officials warned that the situation could deteriorate further, with the aviation sector already raising concerns. Vietnam’s aviation authority noted that domestic flights may be reduced if fuel shortages persist.
Despite the uncertainty, authorities expressed cautious optimism, stating that current oil and gas reserves should meet domestic demand until the end of April.
Residents are already feeling the impact, with many adjusting their daily routines. A Hanoi resident, Minh Anh, told AFP that the sharp increase has noticeably reduced traffic in the usually busy capital.
“The traffic seems lighter because many people can no longer afford the continuous rise in fuel prices, including myself. Ordinary people are bearing the brunt of this crisis,” she said.
The effects are also being felt in neighboring countries. In Myanmar, petrol prices jumped by about 30 percent within a day, triggering long queues at filling stations as motorists rushed to buy fuel.
Likewise, Thailand recorded an increase in diesel prices earlier in the week after authorities approved higher rates.