Hanoi adjusted its fuel prices for a second time in a day, bringing down costs after the price of diesel was more than doubled since the start of the conflict in the Middle East, trade ministry figures showed.
Earlier yesterday, diesel prices had skyrocketed about 105% from Feb 26, two days before the US and Israel launched strikes on Iran.
The government raised the price to 39,660 dong (RM5.94) per litre as of midnight yesterday, up from 19,270 dong (RM2.89) last month, according to trade ministry figures.
The price of 95-octane petrol was also raised nearly 68% over the same period.
But 14 hours later, the ministry revised down fuel prices, with the cost of diesel lowered to a rate that is just below double that of the Feb 26 price. The cost of 95-octane petrol was also reduced and is now about 49% higher than before the conflict in the Gulf.
A surge in oil prices since the start of the conflict has sent fuel costs spiralling and sparked fears of shortages around the world.
Vietnam recently asked for fuel support from several countries, including Qatar, Kuwait, Algeria and Japan, and on Monday signed a deal with Russia on oil and gas production in both countries.
Hanoi resident Nguyen Van Chi said he had not driven his truck in the past two weeks, instead opting to cycle as much as possible.
“With this unbelievable price of diesel, I cannot even sell my truck as no one is going to use it,” the businessman said. — AFP
