The Vietnam National Petroleum Group (Petrolimex) incurred a loss of over VND1.8 trillion (US$78.2 million) in the first quarter due to the impact of COVID-19, according to its financial statement announced on May 5.

Since the beginning of the year, petrol prices have continuously fallen
to a record low of around VND12,000/litre (Photo: VNA) 

Petrolimex explained that due to the slumping petrol prices in the world, provision fund to make up falling prices of inventories has amounted to VND1.5 trillion.

Specifically, its revenue topped VND39.49 trillion while costs surpassed VND38 trillion. The profit ratio dropped from over 9% to 3.7%.

Meanwhile, domestic petrol prices hit 11-year low since April.

Petrol sales went down 10% year-on-year while profits of its affiliates working in transportation, gas, petrochemicals also decreased from the same period last year.