According to the Domestic Market Management and Development Department under the Ministry of Industry and Trade, the International Energy Agency (IEA) warned on March 22 that disruptions at the Strait of Hormuz have created “the largest energy bottleneck in history”. The route, which carries around 20% of global oil and gas supply, has been nearly paralysed since late February.

An estimated 11 million barrels of oil per day and 140 billion cubic metres of gas have been disrupted, pushing crude oil prices above US$100 per barrel and driving a sharp increase in global energy prices.

The IEA noted that the crisis is no longer confined to fuel costs but has spilled over into inflation, import expenses and economic growth. Its scale and severity are considered to exceed both the oil shocks of the 1970s and the energy crisis linked to the Russia-Ukraine conflict.

With supply chains yet to fully recover and inflation still elevated, the current shock is seen as one of the most serious energy disruptions in decades, affecting production, trade and daily life.

To respond, the IEA has coordinated the release of around 400 million barrels of oil from strategic reserves - the largest intervention of its kind - and signalled readiness to deploy more if needed. However, it stressed that these measures can only mitigate economic impacts, while a lasting solution depends on restoring normal operations at the Strait of Hormuz.

In reality, supply disruptions have already forced refineries in Asia to cut output, while in Europe gas prices have surged by more than 60%, raising both production and living costs. In France, petrol prices are around 1.87 euros per litre and diesel about 2.03 euros per litre, putting significant pressure on households and businesses.

Facing mounting instability in fuel and gas supply, many countries have moved quickly to contain price surges. In South Korea, President Lee Jae Myung has ordered the implementation of fuel price caps alongside measures to stabilise markets and exchange rates.

Hungary has imposed retail price ceilings of 595 forints per litre for petrol and 615 forints per litre for diesel, while also tapping into national oil reserves to secure supply.

Slovenia has introduced fuel purchase limits, allowing private vehicles to buy up to 50 litres per day and businesses or priority groups up to 200 litres. Some companies, such as MOL Group, have tightened limits further to 30 litres for individual customers.

Across Europe, governments are deploying a mix of regulatory and fiscal tools. Germany and Austria are controlling the frequency of price adjustments to avoid market volatility, while Spain has launched a support package worth around 5 billion euros and cut energy VAT from 21% to 10%.

In Asia, where much of the oil and LNG passing through Hormuz is destined, countries are focusing on reducing consumption and securing supply. Sri Lanka has introduced fuel quotas; the Philippines has adopted a four-day workweek in the public sector; and Thailand is considering both price caps and vehicle restrictions. South Korea and Japan are also strengthening price controls and boosting reserves.

In Vietnam, a net importer of petroleum, global price fluctuations have quickly transmitted into the domestic economy. However, early and coordinated policy responses have helped maintain supply, preventing widespread shortages.

The Ministry of Industry and Trade has issued continuous directives to the nationwide fuel distribution system, ensuring uninterrupted sales and adequate supply under all circumstances. At the same time, regulatory adjustments have been made to facilitate diversified import sources, strengthening supply for both production and consumption.

Price management has been carried out flexibly, closely tracking global market movements while effectively combining the Price Stabilisation Fund with tax and fee tools to limit volatility, helping to control inflation and maintain macroeconomic stability.

Measures to increase reserves and ensure smooth distribution have also been implemented in parallel, enhancing resilience against external shocks.

Current developments highlight the vulnerability of economies reliant on imported energy to geopolitical disruptions. In the short term, ensuring supply, maintaining flexible pricing policies and stabilising markets remain priorities.

Over the longer term, countries will need to expand strategic reserves, improve energy efficiency and accelerate the development of renewable energy, while strengthening regional cooperation to respond to disruptions at critical chokepoints such as the Strait of Hormuz.

According to the Domestic Market Management and Development Department, fuel prices in Vietnam remain significantly lower than in many neighbouring countries, reflecting effective policy management.

Specifically, E5 RON92 petrol is priced at VND27,177 per litre (US$1.10), RON95-III at VND30,690 per litre (US$1.24), and diesel at VND33,420 per litre (US$1.35).

In comparison, as of March 22, Thailand’s Gasohol 95 costs about VND26,400 per litre (US$1.07) and diesel about VND24,900 per litre (US$1.01), after heavy subsidies from the Oil Fund, with pre-subsidy market prices reaching around VND34,200-41,200 per litre (US$1.38-US$1.66).

In Cambodia, retail petrol and diesel prices stand at approximately VND35,600 per litre (US$1.44) and VND44,200 per litre (US$1.79), despite government support.

In China, RON95 petrol is priced at about VND34,600 per litre (US$1.40) and diesel at around VND31,600 per litre (US$1.28) under a controlled pricing mechanism.

Meanwhile, in Laos, RON95 petrol and diesel prices are approximately VND47,600 per litre (US$1.93) and VND41,100 per litre (US$1.66), respectively.

 
Tam An