PM asks to ensure fuel supply for domestic market

In the PM’s official letter, he ordered the government inspectorate to supplement the inspection plan for 2022 on the observance of policies and laws in the state management of petroleum in order to promptly detect loopholes and inadequacies in business activities, from which the inspectorate will have a proposal for penalties according to the present regulations because petroleum is an essential commodity that directly impacts on macroeconomic stability.

In recent years, the world petroleum market continued to be complicated, and crude oil prices on the world market tended to increase. Somewhere in the country, a few petrol retail stores shut down affecting production and daily life of people in some localities.

Therefore, in order to ensure a balance between supply and demand of petroleum products to meet the needs of the domestic market and support socio-economic recovery and development, the Prime Minister requested ministries, agencies, and localities to promptly and seriously implement the Government's instructions on this issue.

In particular, the Prime Minister requested the Ministry of Industry and Trade to coordinate with relevant ministries and agencies to adjust the supply and demand of the petroleum market according to its competence, ensuring that there is no shortage of petroleum supply for the domestic market.

Moreover, the Ministry should work with relevant agencies to pay more unscheduled visits to petrol and oil suppliers and distributors and fuel filling stations across the country to promptly detect violations and throw a book on violators according to the provisions of law for acts of hoarding goods for profit and other violations in petroleum business activities.

The Ministry of Industry and Trade shall coordinate with the Commission for the Management of State Capital at Enterprises and the Vietnam Oil and Gas Group and relevant agencies to determine the output commitments of manufacturing enterprises and domestic petroleum exporters in the coming time, as a basis for the import of petroleum to meet market demand.

Additionally, the Ministry should liaise with the Ministry of Finance and relevant agencies to lift the prices of petrol and oil within their competence, ensuring inflation control, stabilizing the macro-economy, supporting economic recovery and socio-economic development.

At the same time, it must coordinate with the Ministry of Information and Communications, the Ministry of Finance and relevant agencies to provide timely and accurate information on the situation of petroleum production, import, distribution, and price of petroleum and the direction of the Government and the Prime Minister on this issue.

The names of violators in petroleum business activities and punishment will be publicized on the mass media so that residents and other businesses can understand the regulations deterring them from committing the same violations creating stability of the petroleum market.

The Prime Minister assigned the Ministry of Finance to coordinate with the Ministry of Industry and Trade and relevant agencies to adjust the tax policy on environmental protection for petroleum products and report to the Prime Minister before February 28. The Ministry of Public Security was requested to strengthen preventive measures and strictly punish violators as per the present law related to the production, import, trading, and distribution of petrol and oil.

The Prime Minister also assigned people's committees in cities and provinces to closely inspect and supervise the sale of petrol and oil of petrol and oil retail stores in the area, ensuring there is no interruption.

According to the Ministry of Industry and Trade, key traders are stepping up the import of petroleum to make up for the shortfall in supply from domestic production because Nghi Son Refinery reduced delivery output compared to the annual plan.

Currently, the Vietnam Oil Corporation (PVoil) has imported more fuel and it is expected that 26,000 cubic meters of gasoline and 40,000 cubic meters of oil will arrive in Vietnam in late February.

Vietnam National Petroleum Group (Petrolimex) is implementing the plan to import about 100,000 cubic meters of gasoline and 200,000 cubic meters of oil this month. Meanwhile, Hai Ha Company has also imported about 90,000 cubic meters of oil in February, Xuyen Viet Oil Company imports about 20,000 cubic meters of gasoline and 60,000 cubic meters of oil, Nam Song Hau Company imports about 20,000 cubic meters of gasoline and 7,500 cubic meters of oil, Long Hung Company imports 10,000 cubic meters of gasoline and 10,500 cubic meters of oil, Thien Minh Duc Company imports 20,000 cubic meters of oil, Duong Dong Company imports 13,000 cubic meters of gasoline and 20,000 cubic meters of oil to ensure the supply of petroleum for the market according to the registered plan.

According to data of the General Department of Customs and reports of key businesses, roughly 803,000 cubic meters of petrol and oil were imported in the first 15 days of February 2022.