Crowds stockpile fuel in Vietnam’s Dak Lak ahead of price hike

At a retail fuel station operated by Hoa My Tay Cooperative in Hoa My Commune, long lines of cars, motorbikes, and people carrying plastic cans formed throughout the morning.

Staff said demand surged after news spread that fuel prices would increase later in the day.

Chau Thi Anh Tinh, a resident in Hoa My Commune, reported visiting several stations before finally managing to buy fuel for storage.

“I had to carry two large cans since morning to get enough oil,” she said.

Others, like farmer Luu Van Duong, had prepared earlier, stockpiling more than 1,000 liters of diesel to power machinery for the winter-spring crop.

In Tuy Hoa Ward, stations remained busy into the evening, though operations continued without major disruption.

Many customers opted to top up tanks or buy extra fuel to offset rising costs.

Pham Thanh Hoa, a vendor selling agricultural products at Tuy Hoa Market, explained: “I drive daily to transport goods. With prices going up, I filled my tank and bought an extra 10 liters to ease the pressure.”

Huynh Ngoc Tinh, manager of Petrolimex Station No. 19 on Le Loi Street, assured the public that supply remains stable, with no shortages.

“We only sell directly into vehicles, not for storage in cans,” he said.

Staff at another Petrolimex station noted a brief pause during the price adjustment at 3:00 pm, after which sales resumed normally.

Authorities have warned against hoarding fuel at home due to fire and explosion risks.

They emphasized that supplies are secure and stations continue to sell at listed prices.

According to the Vietnamese Ministry of Industry and Trade, the country raised retail fuel prices sharply on Thursday, as global oil prices surged amid escalating military conflict in the Middle East.

Under the Thursday afternoon adjustment, the retail price of RON95 gasoline rose to no more than VND22,340 ($0.85) per liter, while E5 RON92 increased by VND1,926 ($0.07) to VND21,449 ($0.8) per liter.

Diesel prices increased by VND3,758 ($0.14) to VND23,037 ($0.88) per liter, kerosene jumped by VND7,132 ($0.27) to VND26,601 ($1.01) per liter, and mazut went up by VND1,807 ($0.07) to VND17,496 ($0.67) per kg.

The ministry said global fuel markets between February 26 and March 4 were affected by escalating military conflict between the United States, Israel, and Iran, which disrupted oil transportation through the Strait of Hormuz, a maritime route that carries about 20 percent of global oil supply.