Vietnam spends over US$1billion on petrol imports in Q1

Monday, April 12, 2021  10:03

VOV.VN - Vietnam spent more than US$1 billion on importing petroleum products, mostly from the Republic of Korea (RoK), Malaysia, Singapore, and Thailand during the first quarter of the year, according to data released by the Ministry of Industry and Trade.

March witnessed the country consume approximately 650,000 tonnes of petroleum products worth US$345 million, representing an increase of 77.9% in value and 29.5% in volume compared to the same period from last year.

By the end of the first quarter of the year Vietnam had purchased 1,995 million tonnes of oil and gas worth more than US$1 trillion, marking an annual rise of 7.2% in volume and 2.7% in value from the first quarter of last year.

The RoK remained the largest oil exporter during the initial months of the year, followed by Malaysia, Singapore, Thailand, and China.

Domestic petrol prices were adjusted a total of six times throughout the first quarter, with prices moving sideways once and rising five times.

At present, the selling price of RON95-III petrol products at Petrolimex chains is being traded at VND19,040 per litre, while the retail price of E5 RON92 stands at VND17,850 per litre.