Petrol imports totalled 6.5 million tonnes and reached a cost of 5.9billion USD in the first seven months of the year, accounting for 10.2percent of the nation's total imports, according to the GeneralDepartment of Customs.
The figure represents a decrease of 42percent in volume and 8.6 percent in value, however, in comparison withthe same period last year.
In July alone, Vietnam imported about533,500 tonnes of petrol, valued at 512 million USD – a decline of 39.2percent in volume and 37 percent in value compared to the previousmonth.
Kuwait became a new petrol exporter to Vietnam, shipping393,600 tonnes during the month. Meanwhile, exports fell fromtraditional suppliers such as Malaysia, Russia and China.
Globalcrude oil prices have dropped significantly this month, with expertspredicting the price would continue to decline as global tradersanticipated another recession that would restrain demand.
Sincethe beginning of August, crude oil prices have dropped 9.93 percent,while jet fuel prices have fallen by 1.68 percent and diesel oil by 2percent, according to the Vietnam National Petroleum Corporation(Petrolimex).
US-based Merrill Lynch has forecast that oil prices could fall to as low as 50 USD a barrel this year.
Petrolimexexpected that the price it would pay for refined petroleum products onthe Singapore market would decline with the world price. In the firsthalf of August, the price of these commodities fell by 1.14-3.11percent. The decrease in the price of petrol and other refined petroleumproducts would continue to lag behind crude oil prices, expected tofall 5.8-9.9 percent.
Petrolimex was looking to buy 31,000 tonnesof petrol RON 92 for shipment in the first week of next month. Lastweek, meanwhile, Petrolimex's representative in Singapore signed along-term contract with Bangladesh Petroleum Corporation, under whichthe Vietnamese corporation would supply fuel oil to Bangladesh.
NguyenTien Thoa, director of the price management department under theMinistry of Finance, said there would be no immediate change in petrolprices.
"Vietnam has not imported crude oil so changes in global crude oil prices won't affect local prices," Thoa said.
Earlierlast week, the ministry announced that the computed average cost ofpetrol between July 12 and August 10 was higher than the existingdomestic retail price by 342 VND to 530 VND per litre. Therefore, theministries of Finance and of Industry and Trade decided jointly to leaveretail petrol prices unchanged. Domestic petrol prices averaging 21,300VND per litre remained 3,822 VND to 13,056 VND lower than those inneighbouring countries like Laos, Cambodia, Singapore and China,Petrolimex said./.
The figure represents a decrease of 42percent in volume and 8.6 percent in value, however, in comparison withthe same period last year.
In July alone, Vietnam imported about533,500 tonnes of petrol, valued at 512 million USD – a decline of 39.2percent in volume and 37 percent in value compared to the previousmonth.
Kuwait became a new petrol exporter to Vietnam, shipping393,600 tonnes during the month. Meanwhile, exports fell fromtraditional suppliers such as Malaysia, Russia and China.
Globalcrude oil prices have dropped significantly this month, with expertspredicting the price would continue to decline as global tradersanticipated another recession that would restrain demand.
Sincethe beginning of August, crude oil prices have dropped 9.93 percent,while jet fuel prices have fallen by 1.68 percent and diesel oil by 2percent, according to the Vietnam National Petroleum Corporation(Petrolimex).
US-based Merrill Lynch has forecast that oil prices could fall to as low as 50 USD a barrel this year.
Petrolimexexpected that the price it would pay for refined petroleum products onthe Singapore market would decline with the world price. In the firsthalf of August, the price of these commodities fell by 1.14-3.11percent. The decrease in the price of petrol and other refined petroleumproducts would continue to lag behind crude oil prices, expected tofall 5.8-9.9 percent.
Petrolimex was looking to buy 31,000 tonnesof petrol RON 92 for shipment in the first week of next month. Lastweek, meanwhile, Petrolimex's representative in Singapore signed along-term contract with Bangladesh Petroleum Corporation, under whichthe Vietnamese corporation would supply fuel oil to Bangladesh.
NguyenTien Thoa, director of the price management department under theMinistry of Finance, said there would be no immediate change in petrolprices.
"Vietnam has not imported crude oil so changes in global crude oil prices won't affect local prices," Thoa said.
Earlierlast week, the ministry announced that the computed average cost ofpetrol between July 12 and August 10 was higher than the existingdomestic retail price by 342 VND to 530 VND per litre. Therefore, theministries of Finance and of Industry and Trade decided jointly to leaveretail petrol prices unchanged. Domestic petrol prices averaging 21,300VND per litre remained 3,822 VND to 13,056 VND lower than those inneighbouring countries like Laos, Cambodia, Singapore and China,Petrolimex said./.
