Vietnam's 9-month petroleum import reaches 6.5 mln tons, up 22.7%

In the first nine months of this year, the country imported over 6.5 million tons of petroleum worth $6.8 billion, a growth of 22.7% in volume and 131.8% in value over the same period last year. 

There was a circumstance in the third quarter of 2022 that key traders drastically decreased the amount of imported gasoline and oil.

Import volume for gasoline and DO oil declined by around 40% and 35%, respectively, according to data from the General Department of Vietnam Customs (from September 20, 2022). 

In September, the country imported 627,652 tons of petroleum of all types worth more than $616 million, an increase of 34.8% in volume, and 27.8% in value over August. 

Ministry of Financial made clear that although the price of oil fluctuates continuously and by a wide margin around the world, it is difficult to predict as the domestic price of gasoline has decreased for nine consecutive periods beginning on July 1, 2022, which may cause traders to be afraid of importing gasoline and oil, leading to only 19 out of 33 traders dealing in imported petroleum.

The loss in import volume and the decline in inventory at key traders may be to blame for the lack of supplies at some petrol stations and merchants as well as the decline in discounts, particularly in the setting of unpredictable and volatile gasoline prices

Even while key merchants drastically cut back on imports in the third quarter, the Ministry of Industry and Trade claimed that there was still enough local petroleum supply.

Source: Dau Tu