According to the Domestic Market Management and Development Authority (Ministry of Industry and Trade), on March 22, the International Energy Agency (IEA) coordinated to release about 400 million barrels of oil from strategic reserves, the largest level of intervention ever, and said it is ready to use additional reserves if necessary. However, this agency emphasized that current measures are mainly aimed at reducing economic impacts, while the fundamental solution is still to restore the normal operation of the Strait of Hormuz.
Reality shows that supply disruptions have forced many oil refineries in Asia to reduce capacity, while in Europe, gas prices have increased by more than 60%, pushing production and living costs up. In France, the common gasoline price is about 1.87 euros/liter and diesel oil is about 2.03 euros/liter, creating great pressure on people and businesses.
Faced with increasing instability in fuel and gas supplies, many countries have quickly implemented measures to reduce the impact of price spikes.
In South Korea, President Lee Jae Myung requested the application of fuel price ceilings and preventive measures to control price and foreign exchange market fluctuations.
In Hungary, the Government has set a retail price ceiling of 595 forints/liter for gasoline and 615 forints/liter for diesel, while opening up national oil reserves to ensure supply.
Meanwhile, Slovenia is applying a measure to restrict fuel purchases, according to which each private vehicle is only allowed to purchase a maximum of 50 liters/day, while businesses and priority groups are allowed to buy a maximum of 200 liters. Some businesses such as MOL Group even tightened the limit to 30 liters for individual customers.
Faced with complex developments, many countries continue to implement management measures to reduce price pressure and ensure energy security.
In Europe, countries combine price regulation with tax policies; Germany and Austria control the frequency of price adjustments to limit psychological fluctuations, while Spain implements a support package of about 5 billion euros and reduces the energy VAT from 21% to 10%.
In Asia, the region is directly affected when most of the oil and LNG supply through Hormuz is transported here, many countries focus on reducing consumption and ensuring supply. Sri Lanka applies fuel limits; Philippines deploys 4-day working week in the public sector; Thailand considers price ceilings and vehicle restrictions. South Korea and Japan simultaneously strengthen price controls and boost reserves.
In Vietnam, with the characteristic of being a net importer of gasoline and oil, the impacts of world price fluctuations have quickly spread to the economy. However, management work was implemented early, proactively and synchronously, thereby basically ensuring domestic supply, without widespread disruptions or shortages.
The Ministry of Industry and Trade has promptly and continuously issued documents directing the gasoline and oil distribution system nationwide, requiring the maintenance of smooth sales operations, ensuring supply in all situations. At the same time, proactively reviewing, amending, and supplementing mechanisms and policies in the direction of creating favorable conditions for businesses to diversify import sources, contributing to consolidating supply for production and consumption.
According to the Domestic Market Management and Development Authority, current developments show that economies dependent on imported energy are vulnerable to geopolitical shocks. In the short term, priority is given to ensuring supply, managing prices flexibly and controlling the market. In the long term, it is necessary to increase strategic reserves, improve energy efficiency and promote the development of renewable energy, while strengthening regional cooperation to respond to disruptions at "bottleneck points" such as the Strait of Hormuz.
