Vietnam National Petroleum Group (Petrolimex) reported over 136 trillion VND in revenue for the second quarter, an increase of almost 80% year-on-year and 38% higher than the first quarter. This marks the highest revenue recorded since the fuel retail market leader began disclosing financial information.

Petrolimex's sales surged amid a volatile energy market. Domestic retail fuel prices peaked in early April, with RON95-III gasoline (before sales ceased on 1/6) reaching 26.970 VND, E10 nearly 26.100 VND, and diesel at 44.780 VND per liter.

After expenses, Petrolimex posted a pre-tax profit exceeding 3,300 billion VND. This significantly improved performance compared to the first three months of the year, when the company reported a net loss of over 660 billion VND due to inventory provisions as gasoline prices rose with the conflict.

For the first half of the year, the fuel industry giant generated nearly 235 trillion VND, equivalent to almost 9 billion USD. On average, the company earned nearly 1,300 billion VND daily, one and a half times more than the same period last year. Pre-tax profit reached approximately 2,870 billion VND, a 43% increase over the first half of last year.

In its business performance explanation, Petrolimex's leadership attributed the profit increase primarily to sales volume exceeding targets and the reversal of inventory devaluation provisions. Managing supply, balancing inventory, and mitigating oil price volatility during this period were also conducted cautiously, closely tracking market trends to minimize adverse impacts on business efficiency.

Petrolimex noted that positive results also stemmed from significant contributions by international business units and subsidiaries specializing in aviation fuel, petrochemicals, gas, warehousing, insurance, and services.

Compared to its consolidated revenue plan of 330,300 billion VND and pre-tax profit target of 3,370 billion VND, the company achieved 72% and 84% respectively after six months.

A Petrolimex gas station on Luong Yen street in Hanoi, 5/2026. Photo: Pham Chieu

Inventory pressure shows signs of easing. By the end of June, the leading fuel retailer reported over 20,600 billion VND in inventory, approximately 15,600 billion less than the previous quarter. Inventory provisions were reduced to about 400 billion VND, down from over 6,500 billion VND previously.

Earlier, during a period of sharp fluctuations in finished fuel prices due to Middle East tensions, Petrolimex had to adjust its import plans, seeking immediate supplies to cover shortages among smaller primary distributors. The company accepted goods from suppliers at spot prices with high surcharges. Specifically, surcharges for diesel reached 35-40 USD per barrel, and gasoline 12-15 USD, compared to the usual 2,5-3 USD.

Petrolimex's leadership stated that at one point, inventory reserves were nearly one million cubic meters/tons, 1,3 times the regulated inventory level, ensuring readiness to prevent domestic fuel supply disruptions. When fuel prices began a continuous and significant decline, the company faced the risk of depreciating purchased goods, leading to a loss in the first quarter.

Phuong Dong