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Vietnam spends 1.7 billion USD importing petrol in two months

Vietnam’s petrol and oil imports increased sharply in the first two months of 2023, reaching 1.7 billion USD, a surge of 56.3% year on year, the Ministry of Industry and Trade of Vietnam (MoIT) has reported.

According to the Vietnam National Petroleum Group (Petrolimex), from January 20 to February 21, the group imported 168,596 cubic metres of petrol, 162,308 cubic metres of diesel and 24,931 cubic metres of mazut to supply to the domestic market.

The group also purchased 284,369 cubic metres of gasoline, 245,619 cubic metres of diesel and 1,651 cubic metres of kerosene from domestic oil refineries.

During the reviewed period, Petrolimex’s sale volume of gasoline, diesel, kerosene and mazut reached 435,800 cubic metres, 344,935 cubic metres, 1.961 cubic metres and 18,171 cubic metres, respectively.

Based on market demand forecasts in 2023, the ministry has allocated import quotas of gasoline and oil to businesses at 27.34 million cubic metres/tonnes, an increase of 15% compared to the previous year to ensure supply for the market.

Source: Lao News Agency