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Fuel firms earn big as import prices slump
With fuel prices on the global market continuing their downward trend, import prices from Singapore, Vietnam’s main fuel source, have also slumped, creating huge profits for local wholesalers.
WTI crude oil for June delivery yesterday settled around $97-98 a barrel in the US, remaining under the $100 mark since last weekend.
Brent crude oil also revolved around $112-113 a barrel, while the average figure in April was $120.4 a barrel.
Meanwhile in Singapore, A92 gasoline was imported at only $123.73 a barrel on the May 4 session, down by $7.63 a barrel compared to April’s average rate.
Similarly, the diesel oil import price dropped to $130.3 from $135 a barrel, while kerosene also slumped to $128.8 a barrel.
Consequently, local fuel importers have enjoyed high profits.
Input cost for A92 gasoline is now around VND22,200 a liter, while the retail price currently stands at VND23,800 a liter, which means a VND1,600 per liter profit.
Fuel experts said wholesalers have reaped profits of VND1,200-1,300 a liter over the last ten days.
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