Gasoline imports surge 131% in 9 months

By Dat Nguyen   October 12, 2022 | 12:17 am PT
Gasoline imports surge 131% in 9 months
An employee pumps gasoline into a motorbike in Binh Thanh District, Ho Chi Minh City on October 11, 2022. Photo by VnExpress/Thanh Tung
Vietnam’s gasoline imports in the first nine months rose 131.8% year-on-year to $6.8 billion, according to Vietnam Customs.

More than 40% of imports came from South Korea. Other import markets included Malaysia, Singapore and Thailand.

Imports from China surged 130% to $676 million.

Analysts have said earlier that the declining production of Nghi Son Refinery, which accounts for around 35% of domestic demand, has urged suppliers to increase imports.

Vietnam’s two refineries Nghi Son and Dung Quat are set to account for 80% of demand in the fourth quarter this year.

The shortage of gasoline among many southern stations in the last several weeks has challenged commuters. Long queues were seen at Ho Chi Minh City fuel stations in recent days as many stations ran out of gasoline.

RON95 gasoline prices went up 2.6% to VND22,000 Tuesday, the first increase in nearly three months, after retailers repeatedly complained that the low retail price caused them to sell at a loss.

Fuel shortage causes arguments, frustration at HCMC gas stations on October 11, 2022. Video by Tuan Viet, Vu Thinh

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