Motorbike riders wait at a gasoline station in Hanoi, Vietnam on March 9, 2026.
| Photograph Credit score: AP
“Vietnam is contemplating a plan to scrap tariffs on gasoline imports,” the federal government stated, because the U.S.-Israeli warfare with Iran disrupts oil provides and pushes costs to their highest degree since 2022.
The Ministry of Finance stated on Sunday (March 8, 2026) it had drafted a decree that might slash import tax charges to zero on some petroleum merchandise to “assist stabilise the home market and guarantee nationwide power safety”.
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“If the battle continues and the blockade of the Strait of Hormuz persists, various provides on the worldwide market will change into scarce and danger driving costs up,” it stated in an announcement, referring to the waterway by means of which a fifth of worldwide crude often passes.
Because the warfare started greater than per week in the past with U.S. and Israeli strikes on Iran, costs of gasoline in Vietnam have risen sharply and the federal government has carried out emergency pricing protocols.
The price of probably the most broadly used grade of gasoline has risen 21% to 27,040 Vietnamese dong ($1.03) per litre — the very best since July 2022, state media reported. Diesel costs have surged greater than 50%.
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Vietnam at present imposes tariffs of 10% on unleaded gasoline and 7 per cent on diesel, aviation gasoline and kerosene — all of which might be quickly eliminated below the brand new decree.
Vietnam has up to now averted mass shortages and lengthy gasoline traces, however state media reported that dozens of smaller petrol stations have both quickly closed or shortened their working hours owing to dwindling provides.
Commuters, in the meantime, have been feeling pinched on the pump, with some despairing of what a protracted Center East battle might imply.
“The worth is sky-high. My wage continues to be the identical however the value of the gasoline is considerably going up,” stated Le Quang (25), a instructor residing in Ho Chi Minh Metropolis. “I believe I might want to stroll to work.”
Based on the Finance Ministry’s proposal, which have to be authorized by the federal government, the tariff decree could be efficient till the top of April.
The disaster within the Center East has seen crude costs soar to almost $120 a barrel, the very best since Russia’s invasion of Ukraine in early 2022.
Revealed – March 09, 2026 01:12 pm IST