5:04:45 PM | 28/10/2008
Vietnam is estimated to have spent US$10.25 billion on importing 11.05 million metric tons of petroleum products in the first ten months this year, up 71.1 per cent on year and 5.3 per cent, respectively, said the General Statistic Office (GSO).
In October, the country is estimated to have imported 950,000 metric tons of the products worth US$760 million, up 15.32 per cent on year in value but down on year 3.65 per cent in volume, the office said.
Vietnam now 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.
Vietnam is the third largest crude oil producer in Asia, exporting 11.18 million metric tons of crude oil valued at US$9.46 billion in Jan-Oct this year, up 43.2 per cent on year in value but down 10.1 per cent on year in volume.
Petroleum traders in Vietnam have recently decided to cut domestic gasoline A92 retail price by VND500/liter 3.12 per cent to VND15,500/liter and gasoline A95 by VND500/liter or 3.03 per cent to VND16,000/liter.
Also, prices of diesel oil was cut by VND700/liter or 4.6 per cent to VND14,500/liter of diesel 0.05S, and by 4.62 per cent to VND14,450/liter of diesel 0.25S.
Kerosene and mazut prices were slashed by VND500/liter or 3.03 per cent to VND16,000 and by VND1,000/liter or 7.69 per cent to VND12,000/liter, respectively. (GSO Oct 2008)
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