Vietnam plans to lift fuel import tariffs as Iran war drives up oil prices

The Vietnamese government is considering removing import duties on fuel as the ongoing U.S.-Israeli war with Iran disrupts oil supplies and drives prices to their highest levels since 2022, The Guardian reports.

The Ministry of Finance said it had drafted a decree that would cut import taxes on certain petroleum products to zero in order to “stabilize the domestic market and ensure the country’s energy security.”

The statement, released Sunday, warned: "If the conflict continues and the blockade of the Strait of Hormuz is not lifted, alternative supplies to the international market will be insufficient, which could lead to further price increases."

According to AFP, fuel prices in Vietnam have surged sharply since the U.S. and Israel struck Iran more than a week ago, prompting the government to implement emergency price control measures.