Vietnam`s refined fuel imports hit $1.7 bn in January-February
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Vietnam imported 1.93 million ton of gasoline and oil products in the first two months this year, up 43.1 per cent from a year earlier as costs jumped 56.3 per cent to $1.7 billion, local media reported on Thursday.
Gasoline and diesel consumption is expected to trend higher along with the economy as Vietnam is recovering from the Covid-19 pandemic, said the Ministry of Industry and Trade.
Vietnam's crude oil imports more than doubled in the period to 1.78 million ton worth $1.1 billion, according to the General Statistics Office.
Earlier this year, the Ministry asked fuel importers to increase their purchases to ensure a stable supply for the local market until the end of the first quarter after Vietnam's largest oil refinery cut production by 20 to 25 per cent in the first half of January due to a technical problem, Xinhua news agency reported.
Despite having a network of 38 distributors and 17,000 gas stations, Vietnam was faced with an acute shortage of fuel last year, forcing hundreds of petrol stations in major cities to shut down or limit sales.
Vietnam currently has two domestic refineries producing 70 to 80 per cent of the country's fuel needs. The government is looking into the possibility of building a third refinery with a full capacity of processing 9 million ton of crude oil per year in the northern Ninh Binh province, according to the Ministry.
