Imported gasoline down more than 30%, retail price cut in half

According to the General Department of Customs, the unit price of imported gasoline in the first quarter of 2016 decreased by about 31% compared to the same period, while domestic retail sales only decreased by 16.5%.

Specifically, in the first quarter of 2016, Vietnam imported a total of702,000 tons of gasoline, down 11.5% over the same period. The corresponding import value decreased from 463 to 283 million USD. Thus, on average, the unit price of imported gasoline decreased by about 31%. Meanwhile, compared to the common retail price of gasoline in March 2015, the corresponding figure a year later decreased by only 16.5% (RON 92 gasoline decreased from 17,280 VND to 14,420 VND per liter).

Retail prices fell about 16.5% after a year, half the import price.

Although in each period, policies on taxes, fees, and the use of price stabilization funds are implemented differently, the above data shows thatDomestic consumers do not benefit proportionately from the decline in world oil prices..

According to the General Department of Customs, in the first quarter of 2016, Vietnam imported more than 2.8 million tons of various types of gasoline and oil, an increase of 12% compared to the same period in 2015. The average import price of these products also decreased by 39.5% compared to the same period, causing the import value to decrease by 33.1%, down to 935 million USD.

The data also shows that gasoline imports from markets that have been exempted from taxes in recent times due to Vietnam's implementation of free trade agreements have increased sharply: Singapore with 1.39 million tons, up 30.4%; Malaysia with 451,000 tons, 3.4 times higher; Thailand with a slight increase and reaching 274,000 tons... Meanwhile, imports from China decreased by 31.1% to 306,000 tons due to not enjoying tax incentives.

On the contrary, the country's crude oil export volume in the first quarter of 2016 reached 1.82 million tons, equivalent to 498 million USD (down 17.4% in volume and 47.2% in price compared to the same period).General Department of Customs said,Crude oil exports to China have increased dramatically in the past three months.with 1.2 million tons, reaching 323 million USD (increased by 253% and 130% respectively over the same period). With this result, China became Vietnam's largest crude oil import market.

According to VNE