According to preliminary statistics from the General Department of Customs, in March 2024, Vietnam imported 225,746 tons of liquefied petroleum gas (LPG), equivalent to nearly USD152.45 million, with an average price of USD675.3/ton, up 5.5% in volume, 5.9% in value, and 0.4% in price compared to February 2024.
Thus, in the first quarter of 2024, the whole country imported 728,855 tons of LPG, worth nearly USD499.76 million, with an average price of USD685.7/ton, up 27.2% in volume and 16.8% in value but down 8.2% in price compared to the first 3 months of 2023.
The main sources of imported LPG to Vietnam are three major markets: Qatar, Saudi Arabia, and Malaysia; among which, the largest source is Qatar, with 170,600 tons, equivalent to over USD110.71 million, with a price of USD649/ton, up 271.6% in volume, 220.7% in value but down 13.7% in price compared to the first 3 months of 2023; accounting for 23.4% of the total imported LPG volume and 22.2% of the total imported LPG value of the country.
In March 2024 alone, the import from this market reached 33,501 tons, equivalent to over USD22.33 million, with a price of USD666.7/ton, down sharply by 63% in both volume and value compared to February 2024, but the price increased slightly by 1.8%; compared to March 2023, both volume, value, and price decreased, with a respective decrease of 27%, 35.3%, and 11.3%.
Ranked second is Saudi Arabia, with 159,192 tons, equivalent to USD107.23 million, the import price was USD673.6/ton, down 26.2% in volume, 30.9% in value, and 6.3% in price compared to the first 3 months of 2023, accounting for over 21% of the total volume and total value.
In March 2024, imports from this market reached 50,745 tons, equivalent to over USD33.25 million, with a price of USD655.3/ton, up sharply by 94.9% in volume and 100.5% in value compared to February 2024, the price also increased slightly by 2.9%; compared to March 2023, both volume, value, and price decreased sharply, with a respective decrease of 45.4%, 54.3%, and 16.3%
Next is the Malaysia market, with 122,119 tons, valued at USD87.55 million, the price was USD716.9/ton, up 698.7% in volume, 617.6% in value but down 10.2% in price compared to the first 3 months of 2023, accounting for over 16.8% of the total volume and 17.5% of the total imported LPG value of the country.
Overall, the value of LPG import in the first 3 months of 2024 from most markets increased compared to the first 3 months of 2023.
At present, LPG in Vietnam is mainly filled into cylinders to serve the needs of daily life such as heating, cooking, industry, transportation, coolant…, other applications of LPG products are still low such as using in the petrochemical technology. 
Currently, the domestic gas supply is only about 60% self-sufficient in consumption. Therefore, domestic retail gas prices are controlled and affected by world gas prices.
From May 1, gas trading companies simultaneously announced a reduction in retail gas prices. According to that, the gas companies will reduce prices for the 12kg gas cylinder, with a reduction of over VND7,000/cylinder.
Specifically, the retail price of Petrolimex gas cylinders (including VAT) in May 2024 in Hanoi market is VND448,800/12kg domestic cylinder; VND1,795,200/48kg industrial cylinder, respectively decreased by VND7,300/12kg cylinder and VND29,100/48kg cylinder (including VAT).
Thus, from the beginning of the year to now, domestic gas prices have increased 3 times and decreased 2 times. The reason for the recent price reduction was that the average world gas price contract in May was USD582.5/ton, down USD35/ton compared to April and also due to fluctuations in the USD exchange rate.
