Ho Chi Minh City residents flocked to gas stations to fill up their vehicle on Thursday night, fearing fuel prices would soar the next day. 

The Ministry of Industry and Trade and the Ministry of Finance are expected to adjust fuel prices at 3:00 pm on Friday, as per a new government decree on petroleum pricing that took effect on January 2.

Accordingly, the two ministries will make changes to fuel prices three times a month - on the first, 11th, and 21st, or in 10-day cycles. 

Previously, prices were adjusted in 15-day cycles.  

The past six times since January 2, adjustments saw fuel prices sky-rocket. 

Now, many people fear the newest adjustment will follow the trend, and many residents in Ho Chi Minh City rushed to gas stations to fill their vehicle tanks before Friday’s change.

People waited five to ten minutes for their turn at gas stations on Nguyen Thi Thap Street in District 7, Xo Viet Nghe Tinh and Dien Bien Phu Streets in Binh Thanh District, and Tran Nao Street in Thu Duc City.

An employee at a gas station in District 7 said the wave of panic buying increased from 5:00 pm to 8:00 pm.

“People wanted to fill their tanks in advance, as they fear a price increase,” the employee said. "The station was busy all evening."

“It used to cost just VND50,000 [US$2.2] to fill my vehicle tank,” said Tran Minh Tam, who earns a living as a rideshare driver. 

"Now it costs VND80,000 [$3.5]. 

"It could go even higher tomorrow. 

“As gasoline prices surge, many rideshare drivers like me have had to think about finding new jobs. 

"I don’t know what else I can do so I have to accept it.

"Today, I was told that gas prices would increase tomorrow so I will fill my vehicle tank in advance.

"It will help a bit.”

A representative of a fuel wholesaler in Ho Chi Minh City explained that fear that gasoline prices will increase in alignment with global rates has prompted people to fill their tanks ahead of the price adjustment session. 

The representative added that gas prices may hit and even surpass VND30,000 ($1.3) per liter on Friday unless the government’s stabilization fund is disbursed.

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