Share and Follow
In a bid to mitigate escalating fuel issues, Vietnam’s trade ministry is advocating for businesses to promote remote work among employees. This measure is designed to alleviate fuel consumption, as the nation faces significant supply disruptions and soaring prices linked to the ongoing conflict involving the U.S., Israel, and Iran.
On Tuesday, government officials highlighted Vietnam’s vulnerability to these upheavals, largely due to its substantial dependence on energy imports from the Middle East. The Ministry of Industry and Trade has issued a report urging companies to adopt work-from-home practices whenever feasible, aiming to cut down on travel and transportation needs.
The impact of the conflict has been stark, with Petrolimex, Vietnam’s leading fuel distributor, reporting a dramatic rise in fuel costs since late last month. Gasoline prices have jumped by 32%, diesel by 56%, and kerosene by a staggering 80%. These increases have led to long queues of vehicles at petrol stations across Hanoi, reflecting the pressing demand and uncertainty among consumers.
In addition to encouraging remote work, the ministry is advising both businesses and individuals to refrain from hoarding or speculating on fuel, which could exacerbate the current challenges.
Amid the fuel crisis, the sight of people lining up at petrol stations has become common, underscoring the urgent need for measures to stabilize supply and manage consumption. The government’s call for work-from-home practices is a strategic step in addressing these issues, as the nation navigates the complex ramifications of international tensions on its energy supply.
Prime Minister Pham Minh Minh on Monday held calls with leaders of Kuwait, Qatar and the United Arab Emirates to secure additional fuel and crude oil supplies. The government has also removed import tariffs on fuels through the end of April in a bid to ease pressure on the market.
President Donald Trump’s strikes on Iran have made for volatile crude markets, with prices surging to $120 a barrel in the U.S. over the weekend before dipping back to just over $80 on Monday night as Trump spoke to a Republican retreat in Florida.
Prices have stabilized after Trump assured investors the Strait of Hormuz will be safe for oil tankers in the Middle East, a notorious chokepoint for the largely dismantled Iranian regime.
President Donald Trump addresses reporters aboard Air Force one last week as War Secretary Pete Hegseth looks on. (SAUL LOEB / AFP via Getty Images)
The situation in the region remains tenuous as Iran has announced Mojtaba Khamenei as the next supreme leader, a decision that Trump told Fox News that he “was not happy” about.
“I don’t believe he can live in peace,” Trump said from Air Force One.
Iran’s Revolutionary Guard said Tuesday they would not let any oil out of the Middle East until U.S. and Israeli attacks cease, a threat that had prompted Trump to threaten to hit Iran “20 times harder” if it blocked exports.
Strikes on the Iranian leadership, the IRGC, and Iranian naval vessels and oil infrastructure have roiled the markets. (Â Sasan / Middle East Images / AFP via Getty Images)
Despite the defiant rhetoric from both sides, investors placed strong bets Tuesday that Trump would call off his war soon, before the unprecedented disruption it has caused to energy supplies causes a global economic meltdown.
“I’m hearing they want to talk badly,” Trump said, as the Department of War has claimed 50 Iranian naval vessels have been sunk and Trump is suggesting the war objections are weeks ahead of schedule, if not nearly “complete.”
“It’s possible,” Trump added of engaging the new Iranian leadership, descendants of the deceased leaders, but said it “depends on what terms, possible, only possible.”
“You know, we sort of don’t have to speak anymore, you know, if you really think about it, but it’s possible,” he said.