Việt Nam spent over US$1.54 billion importing LPG in nine months

A PetroVietnam Gas facility. — Photo baodauthau.vn

Việt Nam imported 208,338 tonnes of liquefied petroleum gas (LPG) in September, valued at about US$136.06 million.

According to data from the General Department of Customs, this represented a 36.19 per cent drop in volume and a 25.26 per cent decrease in import value compared to August, though the average price rose by 1.75 per cent to $653 per tonne.

Over the first nine months of 2024, Việt Nam imported nearly 2.39 million tonnes of LPG, valued at over $1.54 billion, with an average price of $645.1 per tonne.

This marked a 24.73 per cent increase in volume, a 33.79 per cent rise in import value, and a 7.26 per cent price hike year-on-year.

The main LPG suppliers to Việt Nam remain Qatar, the UAE and Saudi Arabia.

Qatar accounted for the largest share, providing 506,499 tonnes with an average price of $611.9 per tonne, equivalent to over $309.93 million.

This reflected a significant volume increase of 186 per cent and a 173.19 per cent rise in value, though the price per tonne decreased by 4.5 per cent year-on-year.

Qatar’s supply comprised 21.2 per cent of Việt Nam’s total LPG imports by volume and 20.1 per cent by value.

Saudi Arabia was the second-largest source, with imports totalling 297,447 tonnes, valued at $194.21 million at an average price of $652.9 per tonne.

This represented a 45.8 per cent reduction in volume and a 38.97 per cent decrease in value but a 12.6 per cent increase in price.

Saudi imports made up 12.5 per cent of Việt Nam's total LPG import volume and 12.6 per cent of the total value.

The UAE followed closely, providing 294,718 tonnes, worth over $187.19 million, with the price of $635.2 per tonne.

UAE imports declined by 30.46 per cent in volume and 24.17 per cent in value but saw a 9 per cent price increase year-over-year. The UAE contributed 12.3 per cent of the total volume and 12.2 per cent of the import value.

In Việt Nam, LPG is primarily used in residential cylinders for heating and cooking, in industrial applications, and as fuel for vehicles and refrigerants. — VNS