The Vietnamese government announced an overnight increase of more than 20% in gasoline and diesel prices after the Middle East conflict and Russia-Ukraine war caused global energy prices to soar. Citizens complained that expenses surged so much they had to stop using private vehicles, while Myanmar and Thailand face the same fate with continuously rising fuel prices.
The energy price situation in Southeast Asia has become extremely tense. Today (20 Mar), the Vietnamese government declared a major fuel price hike effective just hours after the announcement amid concerns over global shortages of oil and natural gas.
The price of RON 95 gasoline rose 20% to 30,690 dong per liter (about 38.18 baht), while diesel jumped nearly 34% to 33,420 dong per liter (around 41.58 baht). Since the conflict began in late February, RON 95 gasoline prices in Vietnam have increased by more than 50%, and diesel prices have surged by up to 70%.
Vietnam's Ministry of Industry and Trade cited the Middle East war, Iran's control of the Strait of Hormuz, and ongoing impacts from the Russia-Ukraine war as the main factors directly affecting global fuel prices.
Vietnam's Prime Minister held direct talks with leaders from Qatar, Kuwait, Algeria, and Japan to seek energy support. Meanwhile, the civil aviation authority warned of possible reductions in domestic flights due to fuel shortages. However, government media confirmed Vietnam still has sufficient oil reserves to meet domestic consumption until the end of April.
Residents of Hanoi noted that this price hike has visibly reduced traffic congestion as people can no longer afford the cost. An office worker said, “Ordinary people like us are the ones suffering most from this energy crisis,” with many choosing to switch to trains or public transport instead.
Vietnam is not alone in this crisis. In Myanmar, fuel prices rose about 30% in a single day, causing long queues at gas stations near Mandalay. Thailand also increased diesel prices last Wednesday, reflecting an energy crisis spreading throughout the ASEAN region.
,SourceAFP