Daily Brief: Australia and Vietnam Lead Global Fuel Price Surge

Australian diesel prices surged 66.3% over the past week to $2.121 per liter, the largest mover among 55 tracked countries, according to Nexignis data. This spike comes as [news reports indicate] jet fuel supplies, per OilPrice.com reports, and the government prepares to halve fuel taxes amid a deepening global energy crisis, as reported by Al Jazeera.

In Southeast Asia, Vietnam saw gasoline prices jump 53.8% to $1.253 per liter, with additional gasoline grades rising 37.6% to $1.122 per liter, per Nexignis data. The government has tapped its fuel stabilisation fund to manage the increases, according to Reuters, as elevated oil prices compound subsidy challenges across the region, per IEEFA analysis.

Looking ahead, Australia's prime minister has signaled readiness to assist in the Strait of Hormuz, per The Guardian, while US-Iran peace hopes have pushed Australian oil prices to a three-month low, according to SMH.com.au. The Asia-Pacific aviation and tourism sector faces continued cost pressures as Middle East oil output recovery remains months away, per Travel And Tour World reports.