Vietnam sees petrol prices shoot up overnight

The cost of petrol was up by more than 20 per cent in Vietnam on March 20 after the government announced an overnight hike amid fears of oil and gas shortages caused by the Middle East war.

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 on March 19, the Vietnamese government announced an increase in the price of 95-octane petrol by 20 per cent from the weekend to 30,690 Vietnamese dong (S$1.50) per litre, while diesel was up by nearly 34 per cent to 33,420 dong.

The latest increase means the prices of 95 octane petrol and diesel in Vietnam, a manufacturing hub, have soared by 50 per cent and 70 per cent, 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 key Strait of Hormuz and the Russia-Ukraine war.

The government said Prime Minister Pham Minh Chinh 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 because of 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 told AFP on March 20 that the price hikes had reduced traffic on the capital’s normally busy roads.

“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.

Neighbouring Laos on March 19 ordered all schools nationwide to cut their week to three days from next week, as fuel shortages and higher prices disrupt transport and daily life across the landlocked country.

Authorities reversed course late on March 20 and restored the five-day school week.

In Myanmar, prices at the petrol pump increased about 30 per cent from March 19 to March 20.

AFP journalists saw long queues of vehicles at a petrol station near Mandalay as motorists rushed to fill their tanks.

Thailand also saw fuel prices rise this week, as the government announced higher diesel rates on March 18. 

Agence France Presse – March 21, 2026