The Ministry of Industry and Trade and the Ministry of Finance said they would raise the price of fuel from October 11 to help increase commissions for retailers to ensure supply at retail stations nationwide.

The number of gas stations that have so far suspended operations due to a supply shortfall has risen to 121 from 54 on the previous day, said a report which the HCMC market surveillance agency released on October 10.

Many people had to queue for long hours on Sunday evening in HCM City as local petrol stations announced they would run out of fuel.

During a meeting with the relevant departments on August 26, the Ministry of Industry and Trade asserted the current fuel supply could fully meet the demand for domestic consumption.

Vietnam is maximising its coal mining output amid widespread power outages in the north.

If petroleum prices continue escalating, Vietnam will need to cut taxes and fees, in addition to using the petroleum price stabilization fund.

After several years of using eco-friendly compressed natural gas (CNG) to fuel some of its fleet, HCM City’s public bus system is now on the verge of a fuel shortage as the only supplier plans to reduce supply, Tuổi Trẻ newspaper has reported.