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Vietnam's diesel prices double amid Middle East conflict, tax cut proposed

Vietnam's diesel prices double amid Middle East conflict, tax cut proposed

MGR Online•International•2h ago

Reader Briefing

Vietnam faces soaring diesel prices, prompting calls for tax relief and fuel import diversification.

  • •Diesel prices in Vietnam have more than doubled since the start of the Middle East conflict.
  • •The Ministry of Finance has proposed halving the environmental protection tax on gasoline and diesel.
  • •Vietnam is seeking fuel assistance from various countries and has signed an agreement with Russia for oil and gas production.
  • •The price surge is causing concern about global fuel shortages and impacting local businesses.

Overview

  • •Diesel prices in Vietnam have increased by approximately 105%, from 19,270 VND (23.90 THB) last month to 39,660 VND (49.19 THB) on Wednesday (25).
  • •Gasoline 95 prices have risen by nearly 68%, from 20,150 VND (24.99 THB) to 33,840 VND (41.97 THB) during the same period.
  • •The price hike in Vietnam is attributed to the ongoing conflict in the Middle East.
  • •Global concerns about fuel shortages have intensified due to the rising oil costs.
  • •Vietnam has requested fuel assistance from Qatar, Kuwait, Algeria, and Japan.
  • •Vietnam signed an agreement with Russia on Monday concerning oil and gas production in both countries.
  • •The Ministry of Finance of Vietnam has proposed a 50% reduction in the environmental protection tax for gasoline and diesel.
  • •A 54-year-old Hanoi businessman stated he is using a bicycle instead of his truck due to the high diesel prices, and cannot sell his truck because no one wants to use it.

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Key Quotes

Nguyen Van Ghi
"“Because of this unbelievably high diesel price, I can't sell my truck at all. No one wants to use it.”"
“เพราะราคาน้ำมันดีเซลที่สูงอย่างไม่น่าเชื่อนี้ ทำให้ผมขายรถบรรทุกของผมไม่ได้เลย ไม่มีใครอยากจะใช้มัน”

Key Entities

Place

Vietnam(เวียดนาม)ℹ️
Country experiencing significant fuel price increases.
Middle East(ตะวันออกกลาง)ℹ️
Region where conflict is impacting global fuel prices.
US(สหรัฐฯ)ℹ️
Country involved in military actions that preceded fuel price hikes.
Iran(อิหร่าน)ℹ️
Country that was targeted by military actions, leading to escalated fuel prices.
Qatar(กาตาร์)ℹ️
Country from which Vietnam is seeking fuel assistance.
Kuwait(คูเวต)ℹ️
Country from which Vietnam is seeking fuel assistance.
Algeria(แอลจีเรีย)ℹ️
Country from which Vietnam is seeking fuel assistance.
Japan(ญี่ปุ่น)ℹ️
Country from which Vietnam is seeking fuel assistance.
Russia(รัสเซีย)ℹ️
Country with which Vietnam signed an agreement on oil and gas production.

Organization

Ministry of Trade(กระทรวงการค้า)
Vietnamese ministry that published fuel price data.
Ministry of Finance(กระทรวงการคลัง)
Vietnamese ministry proposing a reduction in fuel taxes.

Person

Nguyen Van Ghi(เหวียน วัน จี)
Hanoi resident impacted by high diesel prices, unable to sell his truck.