From the beginning of the year until 15/3, Vietnam imported nearly 2.71 million tons of petroleum products, valued at over 1.94 billion USD. This represents a 42-43% increase in both volume and value compared to the same period last year, according to preliminary statistics from the General Department of Vietnam Customs, Ministry of Finance.

Diesel accounted for the largest proportion of imports, totaling 1.04 billion USD, equivalent to nearly 53.5% of the total import value for the fuel group. Other imported items included: gasoline (505 million USD), jet fuel (356 million USD), and fuel oil (42 million USD).

Specifically, for the first 15 days of March alone, the volume of petroleum imports rose by 41.4%. This surge led to an 89.2% increase in import value compared to the same period.

As of 15/3, domestic enterprises also spent 1.44 billion USD to import nearly 2.8 million tons of crude oil for the production of refined petroleum products. However, crude oil imports decreased by 7% compared to the same period last year.

A gas station attendant on Xuan Thuy street, Cau Giay, Hanoi, refuels a customer's vehicle, 16/3. Photo: Hoang Giang

The significant increase in petroleum imports is attributed to the escalating Middle East conflict, which has caused volatility in the energy market. Currently, one liter of RON 95-III gasoline costs 25,570 dong, and diesel costs 27,020 dong. These prices are 27% and 40% higher, respectively, compared to the end of February, the period before the Middle East conflict erupted.

In recent days, Prime Minister Pham Minh Chinh has held phone calls and sent official letters to leaders of many countries. He also worked with ambassadors of various countries in Vietnam, requesting their support for oil supplies to ensure energy security. For instance, Vietnam has mobilized 4 million barrels of oil from partners and requested access to oil from Japan's strategic reserves. The inter-ministerial team of the Ministry of Industry and Trade and the Ministry of Finance also disbursed a high amount from the Petroleum Price Stabilization Fund, 4,000-5,000 dong per liter for gasoline and diesel, and reduced the most-favored-nation preferential tax to 0% to support fuel prices.

At a working session with the Energy Security Task Force on 17/3, the Prime Minister assessed that petroleum and energy supplies are ensured for production and consumption. This also minimizes negative impacts on people and businesses.

Last year, Vietnam imported approximately 9.9 million tons of refined petroleum products, valued at over 6.8 billion USD. Diesel accounted for the highest proportion, followed by gasoline and jet fuel, with main import sources from South Korea, Singapore, China, and Malaysia.

Additionally, over 14.1 million tons of crude oil were imported as raw material for domestic refineries. This amount was valued at over 7.7 billion USD, with 80% imported from Kuwait.

Phuong Dung