Rush to Buy Electric Vehicles Due to Soaring Fuel Prices
Electric vehicle sales have increased significantly since fuel prices (BBM) soared due to the impact of the US-Israel military aggression against Iran. One example occurred in Manila, the Philippines.
In the first two weeks of March 2026, electric vehicle sales at BYD dealers in Manila matched their monthly sales. “Many clients are switching their cars to EVs because of the rise in fuel prices,” said one BYD salesperson in Manila, as reported by Bloomberg.
It is not only BYD that has benefited from the large wave of electric vehicle purchases due to the armed conflict in the Middle East. In Vietnam, a Vinfast dealer claimed to have sold 250 electric vehicles in just three weeks since the war began.
This means they sold an average of 80 vehicles per week. However, based on 2025 sales data, the average weekly sales were only 50 units.
“Switching to electric vehicles helps me save money,” said one employee in Vietnam who had just replaced his petrol car with a Vinfast electric vehicle.
Although fuel prices in Indonesia have not yet risen, in many Asian countries, prices have already increased. This rise is unavoidable due to the closure of the Strait of Hormuz in Iran. That route is a strategic global oil distribution pathway, through which 80% of the oil circulating in Asia is shipped.
“Higher oil prices will help the transition to electric vehicles. It creates economic incentives that will drive the green transition,” explained Albert Park, Chief Economist of the Asian Development Bank.
A similar situation is occurring in Thailand. Electric vehicle sales were predicted to slow down as government incentives were gradually withdrawn. However, the rise in oil prices has led many people to still choose electric vehicles.
“Initially, we were not too confident about electric vehicle demand in 2026, because the government reduced electric vehicle subsidies, making them less attractive compared to internal combustion vehicles. (But) if oil prices remain at this level or even rise higher, we expect greater demand for electric vehicles,” said Surapong Paisitpatnapong, spokesperson for the Federation of Thai Industries Automotive Association.