Businesses have to spend twice as much on imports to serve domestic demand because of the sharp increase in prices
Spending 1.36 billion USD to import gasoline
According to data from the General Department of Customs on import and export turnover, in March, petroleum imports were 1.31 million tons with a value of 1.36 billion USD, 3.2 times higher than the amount of oil exported to Vietnam. and increased strongly by 75% in import volume and 114.8 % in value compared to the previous month.
For the whole first quarter, the whole country imported 2.66 million tons of petrol and oil of all kinds, valued at US$2.45 billion, up 26.8% in volume and sharply up 128.5% in value over the same period last year. year 2021.
In the opposite direction, in the first quarter of the year, Vietnam’s crude oil exports reached 590,000 tons, equivalent to US$458 million, down 28% in volume but up 18% in value over the same period in 2021.
Statistics also show that the price of imported crude oil in March reached 711 USD/ton, the highest level since the beginning of 2020 until now. By the end of the first quarter, the average price of imported crude oil reached 683 USD/ton, 1.3 times higher than the crude oil price in 2021 and 2.1 times higher than the crude oil price in 2020. In contrast, the export crude oil price in the quarter 1 averaged 757 USD/ton, 1.3 times higher than the crude oil export price in 2021.
At the petrol price adjustment period on April 12, the popular retail gasoline prices in the domestic market are as follows: E5 RON92 gasoline is not higher than 26,471 VND/liter; RON95 gasoline is not higher than 27,317 VND/liter; diesel oil 0.05S not higher than 24,380 VND/liter; kerosene not higher than 23,027 VND/liter; fuel oil 180CST 3.5S not higher than 20,929 VND/kg.
Also according to the General Department of Customs, Vietnam’s imported gasoline mainly comes from Korea (1.06 million tons, a sharp increase of 107%); Malaysia (562 thousand tons, down 29.8%); Singapore (353 thousand tons, up 3.5%)…
In recent days, the US WTI crude oil price has risen sharply again, trading at $106.54 per barrel. Global benchmark Brent oil stopped at 111.66 USD/barrel, up 2.82 USD/barrel during the session.
Accordingly, the news that the EU was about to impose sanctions on Russian crude oil pushed up oil prices on April 15. Meanwhile, finding an alternative supply in the current context is not easy.
Is there still room to reduce gas prices?
Economic expert Nguyen Vinh Phu said that the “cooling down” of gasoline prices has eased worries about price increases and reduced inflationary pressure because petroleum is an input material for the economy.
However, to achieve this year’s target of controlling inflation at 4%, requires a great effort with many specific solutions and policies from the macro level to businesses and consumers.
In order for the inflation target in 2022 to achieve the set target, contributing to the completion of the country’s socio-economic development tasks and plans, Mr. Nguyen Vinh Phu said that management agencies should not Subjective, negligent but need to overcome difficulties are detrimental factors on the price level.
To do so, it is necessary to step by step actively reserve energy, look for raw materials and auxiliary materials in the country as well as in other countries, avoid depending on a few countries when there are fluctuations that are detrimental to the economy. home economy. This has been confirmed by the Ministry of Industry and Trade, always ensuring market supply and demand, not letting there be a shortage of gasoline.
Besides, it is necessary to encourage thrift and rational consumption among all classes of the population, to focus on shopping for essential goods, to relieve the mentality of hoarding goods; improve the competitiveness of Vietnamese goods and Vietnamese products in domestic and export markets.
On the part of the management agency, the representative of the Price Management Department confirmed, in the coming time, continue to promote the implementation of solutions to ensure supply and demand; review and evaluate the petroleum distribution system to adjust the structure to suit domestic reality. In addition, the management agency will strengthen the inspection and control of the petroleum trading market; strictly handle cases of speculation, hoarding or unreasonable price increase.