According to Deputy Minister of Industry and Trade Do Thang Hai, currently, the domestic petroleum supply meets about 75% of the market demand; the remaining 25% is imported. At petrol and oil retail stores within the system of large petroleum wholesalers (accounting for more than 90% of the market share), sales have been continuously maintained from before the Lunar New Year until now.
However, recently, in some localities, there has been a phenomenon in which some petrol stations have stopped selling due to lack of supply. The Ministry of Industry and Trade coordinated with the market management force to inspect and direct this incident.
Accordingly, most petrol stations stop selling because they source goods from small petrol and oil businesses. In addition, some businesses have been limiting sales to wait for prices to increase.
Scene at the meeting (Photo: Duc Tuan)
Ministries, sectors and focal businesses also confirmed that the shortage of petrol and oil only occurs locally at the agency stores of small businesses, due to the psychology of hoarding goods for profit.
Leaders of the Ministry of Industry and Trade and the Vietnam Oil and Gas Group (PVN) said that the immediate problems of the Nghi Son oil refinery and petrochemical plant have now been removed. The factory will gradually restore production to normal from mid-February.
Prior to Tet, Binh Son Refining and Petrochemical Joint Stock Company had increased its capacity to 103% and as of February 7 has further increased to 105%.
Speaking at the conclusion of the meeting, Deputy Prime Minister Le Van Thanh emphasised that petroleum is a particularly important strategic reserve item, with great impact on life and the economy, so it must be managed and operated in a scientific and strict manner.
The domestic reserve is currently adequate, and, at the same time, Vietnam has all the legal provisions, mechanisms and policies required to stabilise and secure enough gasoline for consumption and production. The Government has assigned the Ministry of Industry and Trade to be competent to perform the state management function of petroleum products.
Therefore, the Ministry of Industry and Trade must better perform its management tasks. "The ministry needs to be more proactive in operating, absolutely not to run out of petrol and oil to serve production and people's life," the Deputy Prime Minister stated.
The Ministry needs to immediately carry out the inspection and examination, and resolutely deal with the acts of hoarding goods for profiteering. At the same time, the Ministry of Industry and Trade must ensure a balance between production and import petroleum, to "have a more detailed and accurate plan, and ensure proactive, strict and more effective control".
The Ministry of Finance, the Ministry of Industry and Trade, the Committee for Management of State Capital at Enterprises carefully review the current mechanisms and policies and propose to the competent authorities to be adjusted and amended accordingly.
