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Petrolimex expects a loss of more than VND 1 trillion in the first quarter from its gasoline and diesel business due to unprecedented volatility in the global energy market. This information was provided by Petrolimex CEO Luu Van Tuyen at the company's shareholders meeting on April 24. Mr. Tuyen said the group may incur a loss of around VND 1 trillion from the gasoline/diesel segment in Q1. The reason is unusual volatility in the global fuel market following the escalation of the Middle East conflict since late February. According to Petrolimex leadership, world refined product prices moved 'unprecedented in history', with days of moves of 20-50 USD per barrel. For example, diesel price peaked at 292 USD per barrel in March (nearly four times the February level) but subsequently fell sharply to around 140 USD in April. Meanwhile, import surcharges reached 30-37 USD per barrel. This is an unprecedented figure, though it has not been fully reflected in domestic retail prices. 'The cost of importing a 40,000-ton tanker has surged from US$25-26 million to US$85-87 million,' he said. According to Tuyen, when the diesel price peaked at US$292 per barrel, together with surcharges and higher freight rates, total import costs rose to about US$340 per barrel. In addition, Petrolimex must maintain high inventory levels and continue importing even when prices are at their peak to ensure supply and energy security. Despite challenges in the gasoline/diesel segment, other Petrolimex businesses have performed well and are on track with the plan, according to CEO Luu Van Tuyen. He also stressed that management would spare no effort to protect shareholders' interests, although the 2026 profit plan may not match 2025.
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