Petrolimex (PLX) Expects Over VND 1,000B Loss from Petroleum Trading in Q1

Overview

Petrolimex (PLX), Vietnam’s largest petroleum distributor, expects a loss of over VND 1,000 billion from its core petroleum trading business in the first quarter of 2026. The loss is attributed to unprecedented global fuel price volatility following heightened Middle East tensions and a sharp rise in import costs, which have not been fully reflected in domestic retail prices.

Key Facts

• Petrolimex expects a Q1 2026 loss of over VND 1,000 billion from petroleum trading.
• Global fuel prices saw daily swings of 20-50 USD/barrel, described by management as “unprecedented in history.”
• Diesel prices peaked at 292 USD/barrel in March 2026, nearly 4x the February level, before falling to ~140 USD/barrel in April.
• Import surcharges reached 30-37 USD/barrel, an all-time high.
• The cost to import a 40,000-ton tanker surged from 25-26 million USD to 85-87 million USD.
• Petrolimex maintained high inventory levels and continued importing even at peak prices to ensure national energy security.
• Non-petroleum business segments performed well and are on track with their plans.

What Happened

At the annual general meeting on April 24, 2026, Petrolimex CEO Luu Van Tuyen informed shareholders that the group expects a loss of over VND 1,000 billion from petroleum trading in Q1. He attributed the loss to abnormal global fuel market volatility after the escalation of Middle East conflicts from late February.

Tuyen noted that global refined fuel prices experienced “unprecedented” swings, with daily movements of 20-50 USD/barrel. For example, diesel prices surged to 292 USD/barrel in March before collapsing to around 140 USD/barrel in April. Meanwhile, import surcharges hit 30-37 USD/barrel, a record high, but these costs have not been fully passed through to domestic retail prices. The total import cost for a 40,000-tonne cargo reached 340 USD/barrel at the peak, including surcharges and freight. Petrolimex also had to maintain high inventories and continue importing even at peak prices to fulfill its role in ensuring national energy security.

Market Context

PLX shares closed at VND 40,000 on April 15, 2026, down 0.50% with volume of 2.68 million shares. The stock is listed on HOSE. The petroleum sector is highly sensitive to global oil price movements and government pricing policies. The Q1 loss highlights the vulnerability of Vietnam’s fuel distributors to external shocks, especially given the regulated domestic pricing mechanism that may lag behind cost increases.

Strategic Significance

Petrolimex’s Q1 loss underscores the structural challenge facing Vietnam’s petroleum distribution industry: the need to balance national energy security with commercial profitability. As the dominant player with over 50% market share, Petrolimex bears the burden of maintaining supply during crises, even at the expense of short-term earnings. The company’s extensive infrastructure and logistical capabilities are strategic assets, but the pricing mechanism remains a key risk. The loss may also pressure the government to consider more flexible pricing formulas or compensation mechanisms for strategic reserves.

What to Watch

• Q1 2026 financial statements release for exact loss figures and segment breakdown.
• Any government adjustments to the domestic fuel pricing formula or compensation for strategic reserves.
• Global oil price trends and Middle East geopolitical developments.
• Petrolimex’s Q2 2026 trading update and management guidance for full-year profitability.
• Changes in free-float percentage, currently below the 10% threshold, which may affect index inclusion and foreign ownership limits.