According to statistics from the Customs Department, Vietnamese businesses spent around US$1.95 billion importing 2.11 million tons of crude oil and petroleum products in July. Compared with the same month last year, imports of these energy products edged up 1.4% in volume, while their value surged nearly 48.9%, equivalent to an increase of US$640 million.

In the first seven months of 2026, Vietnam imported 13.65 million tons of crude oil and petroleum products worth US$12.31 billion. Import volume slipped 3.5%, but the value jumped 41.82% from the same period in 2025, equivalent to an increase of US$3.63 billion.

Global oil and fuel prices have risen sharply amid the impact of geopolitical conflict in the Middle East.

Breaking down the figures by product, Vietnamese businesses imported nearly 7.14 million tons of crude oil in the first seven months, worth an estimated US$5.37 billion. Compared with the same period last year, crude oil imports fell 12% in volume but rose 18% in value.

Imports of petroleum products, meanwhile, exceeded 6.51 million tons, valued at nearly US$6.94 billion. The volume rose 7.6% from the same period in 2025, while the value soared 67.6%.

Tran Huu Linh, Director General of the Agency for Domestic Market Surveillance and Development under the Ministry of Industry and Trade, said the continuing conflict in the Middle East has affected efforts by major petroleum distributors to secure supplies.

However, the Ministry of Industry and Trade is closely monitoring the situation, with supply and demand remaining balanced and no shortages reported.

To ensure sufficient petroleum supplies for production, business and consumption, the head of the Agency for Domestic Market Surveillance and Development called on provincial Departments of Industry and Trade to step up market supervision and closely monitor supply and demand, inventories and actual retail prices at individual fuel stations, particularly for diesel.

At the same time, authorities need to promptly address practices such as stockpiling, restricting sales or unilaterally shortening business hours. Fuel traders should also be urged to proactively secure supplies and maintain operations, while retail stations must observe their required opening hours and sell at posted prices.

Domestic fuel prices are currently adjusted in line with movements in global markets. Under a decision by the Ministry of Industry and Trade and the Ministry of Finance to cut retail fuel prices on the afternoon of August 6, E10 gasoline fell by approximately US$0.02 per liter to no more than approximately US$0.85 per liter, while E5 gasoline dropped by approximately US$0.03 per liter to no more than approximately US$0.83 per liter.

Similarly, diesel prices declined by less than US$0.01 per liter to no more than approximately US$1.05 per liter, while fuel oil fell by less than US$0.01 per kilogram to no more than approximately US$0.62 per kilogram.

Data updated by the Ministry of Industry and Trade as of August 6 also showed that Vietnam’s retail fuel prices are among the lowest in the region.

Specifically, gasoline in Vietnam retails for approximately US$0.85 per liter, compared with around US$1.09 in Thailand, US$1.10 in Cambodia, US$1.23 in China and US$1.71 in Laos.

For diesel, the retail price in Vietnam is approximately US$1.05 per liter, compared with US$1.09 in Thailand, US$1.12 in China, US$1.28 in Cambodia and US$1.43 in Laos.

According to the Ministry of Industry and Trade, authorities will continue to closely monitor developments in both domestic and global petroleum markets to adjust prices in line with actual conditions. They will also promptly report to and propose measures for the Government and Prime Minister to help stabilize the market and ensure adequate fuel supplies for production, business and consumption.

Tam An