Statistics from the General Department of Customs showed that in September alone, Vietnam imported over 826,319 cubic meters of fuel valued at US$783 million. This represents a 24.7% decrease in volume and a 21% decline in value compared to the previous month.

Fuel prices edged up by 4.8% in September to US$948 per cubic meter, marking the fourth consecutive monthly rise and the highest level this year.

In the first nine months, Vietnam spent US$6.65 billion importing eight million cubic meters of fuel, a 23.1% increase in volume but a 2.4% decrease in value against the previous year.

The average price of imported gasoline during this period was US$829 per cubic meter, down 20.7% year-on-year.

The three largest fuel suppliers for Vietnam are South Korea, Singapore and Malaysia, accounting for 81% of the total imported volume.

According to the Ministry of Industry and Trade, despite Nghi Son oil refinery undergoing comprehensive maintenance from August 25, there was a stable fuel supply for the local market in September.

The refinery, which constitutes around 35% of the local fuel market, has resumed operations after the maintenance period and is expected to contribute to securing a stable fuel supply in the rest of the year.

Source: Saigon Times