The cost of petrol is up by more than 20 per cent in Vietnam after the government announced an overnight hike amid fears of oil and gas shortages caused by the Middle East war, AFP reports.

Just before midnight Thursday, the Vietnamese government announced an increase in the price of 95-octane gasoline by 20pc from the weekend to 30,690 Vietnamese dong ($1.20) per litre, while diesel was up by nearly 34pc to 33,420 dong.