The Vietnamese government is exploring plans to eliminate import tariffs on fuel as the ongoing US-Israel military actions against Iran disrupt oil supplies, driving domestic fuel prices to their highest levels since 2022.

The Ministry of Finance has reportedly prepared a draft decree that would reduce import taxes on certain oil products to zero, aiming to stabilize the domestic market and ensure the country’s energy security, The Caspian Post reports via foreign media.

In an official statement, authorities warned:

"If the conflict continues and the blockade of the Strait of Hormuz is not lifted, alternative international supplies will be insufficient, potentially causing further price hikes."

Since US and Israeli strikes on Iran over a week ago, fuel prices in Vietnam have surged sharply, prompting the government to implement emergency measures to regulate costs and maintain supply.