Fuel imports rise in January-June period

18-Jul-2018 Intellasia | The Saigon Times | 6:32 AM Print This Post

Vietnam spent more than $4.66 billion importing over 7.07 million tonnes of fuel products in the first six months of the year, up by 40.4 percent in value and 11.5 percent in volume year-on-year, according to the general Department of Vietnam Customs.

The fuel import volume has reached a record high over the last few years, while products of Nghi Son Refinery and Petrochemicals (NSRP) that were turned out during trial operation have been stored in warehouses in the central region.

In related news, at a meeting between the government and localities on July 2, Nguyen Dinh Xung, chair of Thanh Hoa Province, proposed the government and the Ministry of Industry and Trade issue policies to reduce fuel imports to help consume fuel products processed at NSRP, according to the news website VnExpress. NSRP will soon start official production.

A fuel trader in the south told The Saigon Times that fuel importers often prepare import plans several months in advance, contrary to unannounced production at NSRP, thus easily causing a glut. However, the import of fuels is expected to fall in the remaining months of the year, thanks to the operation of NSRP.

On May 1, NSRP successfully launched the first batch of RON92 gasoline, followed by RON95 petrol and diesel oil.



Category: Economy, Vietnam

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