Sufficient fuel supply for use in Vietnam, assures Trade Ministry

VOV.VN - A representative of the Ministry of Industry and Trade (MoIT) has confirmed that Vietnam has a sufficient supply of fuel for local use and offers solutions if a shortage occurs in the market.

Tran Duy Dong, head of the Directorate for Market Surveillance under the MoIT, made the confirmation at a meeting on February 9 amidst concerns about fuel shortages in the country.

Over the past few days many petrol stations in several southern and central localities have suspended operations or cut working hours due to petrol A95 shortages.

Several fuel trading businesses expressed their concerns about a limited supply of petrol A95 after Nghi Son Oil Refinery and Petrochemical Plant, the largest of its kind that makes up one third of local demand, announced it had cut its production capacity since January due to financial problems.

At the meeting Dong assured Vietnam currently has between 1.8 and 2 million cubic metres of fuel to sufficiently meet local demand in February, but added supply may decrease in March as inventory is low compared to normal months.

However, The head of the market watchdog agency played down worries, saying Nghi Son Oil Refinery is scheduled to run at full capacity from mid-March and businesses are increasing imports that will help make up for the shortfall in supply from domestic production.

He also affirmed that the MoIT will increase inspections and strictly deal with violations of the market law of supply and demand, pointing out some petrol stations have shown signs of goods hoarding to create a serious shortage of fuel and manipulate the market.

He acknowledged fuel trading businesses’ proposal regarding market management and said MoIT Minister Nguyen Hong Dien would request the Prime Minister to permit the trade and finance inter-agencies to offer more flexible management tools.

Accordingly, State management agencies would, in limited supply conditions, be allowed to shorten the price adjustment time, use the national petroleum reserves if necessary, and increase the reserves in the long run.

Currently the Prime Minister allows the Ministry of Industry and Trade and the Ministry of Finance to work together to adjust domestic fuel prices every 10 days.

Mời quý độc giả theo dõi VOV.VN trên

Related

Filling stations run out of petrol due to limited supply
Filling stations run out of petrol due to limited supply

VOV.VN - A large number of petrol stations in several localities have suspended operations or have been forced to cut working hours over the past few days, reasoning that they have either faced losses or only received a limited supply of fuel.

Filling stations run out of petrol due to limited supply

Filling stations run out of petrol due to limited supply

VOV.VN - A large number of petrol stations in several localities have suspended operations or have been forced to cut working hours over the past few days, reasoning that they have either faced losses or only received a limited supply of fuel.