Vietnam Petrol Prices Surge 20% Amid Fears of Shortage
Image Source: Internet
The cost of petrol in Vietnam rose more than 20 percent on Friday following an overnight government hike amid concerns of oil and gas shortages caused by the Middle East war.
Just before midnight Thursday, the Vietnamese government announced a 20 percent increase in the price of 95-octane gasoline to 30,690 Vietnamese dong ($1.20) per litre, while diesel was hiked nearly 34 percent to 33,420 dong.
The price hikes take the cost of regular octane 95 and diesel in Vietnam's manufacturing hub to over 50 and 70 percent higher, respectively, since the conflict began in late February.
Vietnam's trade ministry attributed the hike to the conflict in the Middle East, Iran's control of the key Strait of Hormuz, and the Russia-Ukraine war, which have influenced global fuel prices.
The government said Prime Minister Pham Minh Chinh had held phone talks asking for fuel support from several countries including Qatar, Kuwait, Algeria, and Japan.
State media quoted officials as saying the country can ensure enough oil and gas for domestic consumption until the end of April.
