HANOI: The cost of petrol was up by more than 20 per cent in Vietnam on Friday (March 20) after the government announced an overnight hike amid fears of oil and gas shortages caused by the Middle East conflict.
South-East Asian countries have borne the brunt of surging diesel prices following strikes against energy infrastructure in Iran and the Gulf states.
Just before midnight Thursday, the Vietnamese government announced an increase in the price of 95-octane gasoline by 20 per cent from the weekend to 30,690 Vietnamese dong (US$1.20) per litre, while diesel was up by nearly 34 per cent to 33,420 dong.
The hike takes the prices of regular octane 95 and diesel in the manufacturing hub to more than 50 and 70 per cent higher, respectively, since the conflict began in late February.
Vietnam's trade ministry said in a statement posted online that the hike was a result of the conflict in the Middle East, Iran's control of the Strait of Hormuz and the Russia-Ukraine war, which have influenced global fuel prices.
The government said its prime minister has held phone talks asking for fuel support from several countries including Qatar, Kuwait, Algeria and Japan.
The aviation authority has warned of a possible reduction in domestic flights due to potential fuel shortages.
But state media quoted officials as saying the country can ensure enough oil and gas for domestic consumption until the end of April.
A Hanoi resident said on Friday that the price hikes had reduced the traffic flow on the capital's normally busy roads.
"The traffic seems to ease as I think many cannot afford this continuous hike in the fuel cost like myself," office worker Minh Anh said after catching a train to work.
"Ordinary people like myself are the end sufferers of this fuel crisis," she told AFP.
Meanwhile in Myanmar, prices at the petrol pump increased by around 30 per cent from Thursday into Friday.
AFP journalists saw long queues of vehicles at a petrol station near Mandalay as motorists rushed to fill their tanks.
Thailand also saw prices of fuel shoot up this week, as the government announced higher diesel rates on Wednesday. - AFP
