Prime Minister Pham Minh Chinh surveyed the proposed site for a strategic petroleum reserve in the Nghi Son economic zone, Thanh Hoa, emphasizing the urgent need to bolster Vietnam's energy security.
Domestic gasoline prices will now be adjusted one day after the base price increases by 15% or more, a change from the previous 7% fluctuation threshold, according to a new government resolution.
In the first half of March, Vietnam spent nearly 492 million USD to import over 533,000 tons of various petroleum products, an increase of over 41% compared to the same period.
The prime minister stated Vietnam is determined to prevent fuel shortages and may consider allocating a budget to support price stabilization if the Middle East conflict prolongs.
Prime Minister Anutin Charnvirakul has directed Thai civil servants to implement energy-saving policies, ranging from working from home to limiting elevator use.
Domestic supply remains sufficient until the end of March and is being replenished, meaning Vietnam has not yet needed to tap into its national fuel reserves.
If base prices increase or decrease by 7% or more, fuel prices could be adjusted one day later instead of waiting seven days as before, according to a new government resolution.
