Exerting more efforts to stabilise petrol market

Ministries, sectors, localities and enterprises are actively implementing many synchronous solutions to remove difficulties for the petrol business and stabilise the market.

Leaders of the Ministry of Industry and Trade have recently held several meetings with the Vietnam Petroleum Association and key petrol enterprises, to identify obstacles to promptly remove difficulties for the petrol business, encourage enterprises to maintain operations and ensure petrol supply for the domestic market in all situations.

On the other hand, the Ministry of Industry and Trade and the Ministry of Finance have also closely coordinated, to implement solutions to reduce taxes and fees related to petrol products, to ensure the correct and sufficient calculation of the base price of petrol and oil, encouraging enterprises to increase the number of imported goods and ensure a stable supply in the market.

Regarding the issue of discounts and profits, the Ministry of Finance proposed a plan to the Ministry of Industry and Trade on November 4, to adjust the cost of importing petrol to Vietnam. The Ministry of Industry and Trade agreed with the Ministry of Finance. Thus, costs incurred are expected to be updated to promptly support and remove difficulties for businesses from November 11.

Also on November 4, the Ministry of Industry and Trade sent documents to the Ministry of Public Security, the Ministry of Finance, the Ministry of Transport, the Vietnam National Oil and Gas Group, Nghi Son Refinery and Petrochemical Co., Ltd, Binh Son Refining and Petrochemical Co., Ltd and the People’s Committees of provinces and cities, suggesting them to strongly support measures to ensure the supply of petrol for the domestic market.

In addition, the Minister of Industry and Trade also issued Directive No. 09/CT-BCT, directing the market management forces nationwide to coordinate with functional agencies, to urgently implement the guidance of the Government, Prime Minister, the National Steering Committee 389, and the Ministry of Industry and Trade, on inspecting and handling violations in petrol business.

The market management forces should monitor the entire system of petrol and oil traders of all types and require them to operate under the content of the granted certificate and ensure the supply of petrol and oil in the locality.

Joining hands with the management agencies, enterprises are also trying their best to ensure the supply of petrol for the domestic market.

Regarding domestic supply, Binh Son Refinery and Petrochemical Plant are operating stably with a capacity higher than the designed capacity, equivalent to 109% of capacity. Meanwhile, Nghi Son Refinery and Petrochemical Plant are currently operating at 100% of their capacity, ensuring production output and sufficient delivery to key traders under signed contracts.

Regarding petrol distribution, the Vietnam National Petroleum Group (Petrolimex) says that it is still ensuring a sufficient supply of petrol for its 2,700 petrol stations and 1,800 franchisees, in its distribution system under the signed contracts.

The Group directed its units to promptly report to local authorities to facilitate the transportation of petrol and oil into the inner city during the day. For example, Ho Chi Minh City has doubled the number of petrol tankers each day since early October, while the Hanoi Department of Transport licensed 30 tanker trucks to operate during the day in the inner city from November 7.

A representative of Petrolimex said that after the Ministry of Industry and Trade assigned the minimum petrol import for Petrolimex in the fourth quarter of 2022, the group imported a volume 1.4 times higher than the assigned plan.

Meanwhile, the PetroVietnam Oil Corporation (PVOil) has created a total source of about 3.3 million m3 of petrol and oil of all kinds, in the first 10 months of this year and the volume is estimated to reach nearly 4 million m3 by the end of 2022, an increase of about 800,000m3 compared to the previous years, to ensure the petrol supply for the domestic market.

These synchronous solutions are hoped to urgently remove difficulties and stabilise the domestic petrol market amid the global energy and petrol market volatility.