Vietnams Jan-Aug Refined Oil Import Spending Up 94.3 per cent to US$9.11 Bln
Vietnam is forecast to have spent US$9.11 billion importing 9.61 million metric tons of petroleum products in the first eight months this year, up 94.3 per cent on year and 13.7 per cent, respectively, said the General Statistic Office (GSO).
In August, the country is estimated to have imported 1.2 million metric tons of the products worth US$1.24 billion, up 99 per cent on year in value and 26.31 per cent in volume, the office said.
Vietnam heavily relies on imported petroleum products as it has no oil refineries. Its first Dung Quat refinery is under construction and is slated for operation February 25, 2009.
GSO said that Vietnam is the third largest crude oil producer in Asia, exporting 8.98 million metric tons of crude oil valued at US$7.88 billion in Jan-Aug this year, up 53.3 per cent on year in value but down 10.8 per cent on year in volume.
The Vietnamese Ministry of Finance has recently decided to slash local A92 gasoline retail price by VND1,000 per liter or 5.26 per cent to VND18,000 per liter; and discounted VND1,000 to VND19,000 per liter of kerosene.
The move is attributed to the fact that Vietnamese petroleum traders have profit of between VND4,500 and 5,000 per liter of A92 and VND2,000 per liter of paraffin oil, market analysts said. (GSO)
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