petroleum

The Prime Minister requested not to let the interruption of petroleum supply to the domestic market happen by balancing import quotas in the upcoming time.

Prime Minister Pham Minh Chinh has signed an official telegram to relevant ministries and agencies asking for efforts to ensure adequate power and petroleum supply.

The public are rather concerned about the five consecutive price rise of gasoline and the predicted increase today, causing severe challenges to consumers.

PV GAS Corporation and its subsidiary PV GAS LPG JSC have signed a cooperation agreement with Japan Cooperation Center Petroleum (JCCP) on improving the management capacity of LPG cylinders distribution by barcode in Vietnam.

Over the past 2-3 days, various petrol agents and retail businesses have reported that petrol discounts have dropped to between VND200 and VND300 per liter.

The Vietnam Directorate of Market Surveillance signed official letter No. 548 requesting inspection and issuing harsh penalties on sellers of substandard petroleum.

Vietnam needs to seek funds to increase the national reserve of petroleum to deal with urgent situations in the context of fluctuating global markets.

 

During the questioning session on the morning of November 5 at the fourth session of the 15th National Assembly, Minister of Industry and Trade Nguyen Hong Dien said that the supply is increasingly scarce when Europe increases the purchase of petroleum products. The exchange rate of the strong currency to import gasoline has increased highly, making it difficult for importers.

The Police Investigation Agency (PIA) under Ho Chi Minh City Public Security Department prosecuted and held in custody Nguyen The Hung, Director of Phuc Tho Petroleum Company and two others for property theft on October 27.

The Ministry of Industry and Trade (MoIT) asked the Ministry of Finance (MoF) and the State Bank of Vietnam (SBV) to review and adjust the cost of importing petrol and oil, standard business costs and profit based on trading realities.

The Vietnam Petroleum Institute (VPI) has forecast that domestic petrol prices may see slight fluctuations in the adjustment on June 21.

Vietnam's consumer price index (CPI) in August increased 0.88 percent month-on-month, fueled by higher prices of petroleum, rice, and housing, the General Statistics Office (GSO) announced on August 29.

The Government Office, on October 12, issued an announcement on the conclusion of Deputy Prime Minister Le Van Thanh at a meeting on the management and administration of petroleum products for the domestic market.

Nghi Son Refinery and Petrochemical LLC (NSRP) announced it has completed 70 percent of the first major maintenance (turnaround) plan as of September 18, closely following the set critical path.

The domestic petroleum market has undergone many changes in the last few years. However, some inadequacies still remain in its operations and need to be removed.

The Department of Industry and Trade of Ho Chi Minh City, on September 15, had a meeting with representatives of the agency system, general agents, distributors, and petroleum wholesalers in HCMC on the operation over the past time, especially amid the situation that many agents constantly threaten to close because of prolonged losses.

A contract on providing seven multi-purpose support vessels serving ONGC's oil and gas exploration and exploitation activities off the eastern and western coasts of India was signed.