Vietnam's fuel market in February 2025
Friday, February 28,2025
AsemconnectVietnam - According to the Vietnam Industry and Trade Information Center ( VITIC), in February 2025, fuel prices underwent four adjustments. Specifically, RON 95-III gasoline increased by 330 VND/liter, while E5 RON 92 gasoline rose by 470 VND/liter. Meanwhile, diesel prices decreased by 230 VND/liter, kerosene increased by 90 VND/liter, and mazut increased by 90 VND/kg (according to Petrolimex).
· February 20, 2025: The Ministry of Industry and Trade and the Ministry of Finance announced price adjustments effective from 3:00 PM the same day:
- E5 RON 92 gasoline increased by 257 VND/liter, reaching a maximum price of 20,855 VND/liter.
- RON 95 gasoline increased by 257 VND/liter, reaching a maximum price of 21,331 VND/liter.
- Diesel decreased by 10 VND/liter.
- Kerosene increased by 40 VND/liter.
- Mazut decreased by 183 VND/kg.
· February 13, 2025: Price adjustments from 3:00 PM:
- E5 RON 92 gasoline increased by 156 VND/liter, reaching 20,598 VND/liter.
- RON 95 gasoline increased by 146 VND/liter, reaching 21,074 VND/liter.
- Diesel increased by 19 VND/liter.
- Kerosene increased by 59 VND/liter.
- Mazut increased by 425 VND/kg.
· February 6, 2025: Price adjustments from 3:00 PM:
- E5 RON 92 gasoline increased by 51 VND/liter.
- RON 95 gasoline decreased by 74 VND/liter.
- Diesel decreased by 192 VND/liter.
- Kerosene decreased by 25 VND/liter.
- Mazut decreased by 148 VND/kg.
These adjustments were made in response to global fuel price fluctuations, exchange rate movements, and government policies. The ministries aimed to align domestic fuel prices with international trends while maintaining a reasonable price difference between biofuel E5 RON 92 and RON 95 to encourage biofuel usage, as per government directives.
Imports
According to preliminary statistics from the General Department of Customs, Vietnam’s fuel imports in January 2025 dropped by 30.7% in volume and 29.5% in value compared to the previous month. The total imports amounted to 801,963 tons, worth $589.5 million, with an average import price of $735 per ton.
· Singapore was the largest supplier, accounting for 49-50% of total fuel imports:
- Volume: 397,970 tons
- Value: $298.7 million
- Decline: 20.6% in volume, 19.1% in value
- Average import price: $750/ton
· South Korea was the second-largest supplier, accounting for 22%:
- Volume: 183,963 tons
- Value: $130.4 million
- Decline: 40.2% in volume, 36.9% in value
- Average import price: $709/ton
· China ranked third, contributing 12% of total imports:
- Volume: 96,776 tons
- Value: $73.2 million
- Increase: 51.5% in volume, 54.8% in value
- Average import price: $756/ton
· Malaysia accounted for 8-9%:
- Volume: 76,817 tons
- Value: $51.4 million
- Decline: 43.5% in volume, 51.2% in value
- Average import price: $772/ton
· Thailand accounted for 2%:
- Volume: 21,367 tons
- Value: $16.5 million
- Decline: 81.1% in volume, 80% in value
- Average import price: $772/ton
|
Market
|
January 2025
|
Change from December 2024 (%)
|
Share (%)
|
|
Total
|
801,963 tons / $589.5M
|
-30.7 / -29.5
|
100
|
|
Singapore
|
397,970 tons / $298.7M
|
-20.6 / -19.1
|
49.6 / 50.6
|
|
South Korea
|
183,963 tons / $130.4M
|
-40.2 / -36.9
|
22.9 / 22.1
|
|
China
|
96,776 tons / $73.2M
|
+51.5 / +54.8
|
12.07 / 12.4
|
|
Malaysia
|
76,817 tons / $51.4M
|
-43.5 / -51.2
|
9.5 / 8.7
|
|
Thailand
|
21,367 tons / $16.5M
|
-81.1 / -80.0
|
2.6 / 2.8
|
Exports
Vietnam’s fuel exports in January 2025 dropped by 56.3% in volume and 56.6% in value compared to the previous month, reaching 101,985 tons, worth $74.4 million. The average export price was $729/ton, down $5/ton from the previous month.
· Cambodia remained the largest export market:
- Volume: 36,249 tons
- Value: $27.1 million
- Increase: 1.7% in volume, 8.5% in value
- Share: 35-36%
- Average export price: $747/ton
· South Korea ranked second:
- Volume: 24,138 tons
- Value: $19.5 million
- Decline: 27.2% in volume, 26% in value
- Share: 23-26%
- Average export price: $811/ton, up $13/ton
· China ranked third:
- Volume: 16,811 tons
- Value: $14.2 million
- Decline: 37% in volume, 36.9% in value
- Share: 16-19%
- Average export price: $846/ton, up $2/ton
|
Market
|
January 2025
|
Change from December 2024 (%)
|
Share (%)
|
|
Total
|
101,985 tons / $74.4M
|
-56.3 / -56.6
|
100
|
|
Cambodia
|
36,249 tons / $27.1M
|
+1.7 / +8.5
|
35.5 / 36.4
|
|
South Korea
|
24,138 tons / $19.5M
|
-27.2 / -26.0
|
23.6 / 26.3
|
|
China
|
16,811 tons / $14.2M
|
-37.0 / -36.9
|
16.4 / 19.1
|
|
Singapore
|
21,322 tons / $10.9M
|
-16.5 / -12.1
|
20.9 / 14.6
|
|
Laos
|
2,434 tons / $1.78M
|
-67.0 / -66.5
|
2.3 / 2.3
|
|
Thailand
|
40 tons / $35K
|
-56.9 / -57.1
|
0.04 / 0.05
|
T.Huong
Source: Vitic
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