Ministry says there’ll be no petrol shortage

The Ministry of Industry and Trade has confirmed there would be enough fuel to meet the needs of production and domestic consumption this year.

The ministry said importers were committed to their plans and wholesalers had been asked to ensure an even distribution of fuel to petrol stations.

Meanwhile, the ministry’s Market Management Department will continue probing for illegal pricing, measurement and quality activities as well as speculation, smuggling and misinformation.

Vietnam National Petroleum Corporation (Petrolimex) deputy general director Vuong Thai Dung said supplies would be assured and hold to listed prices.

The company, which holds 60 per cent of the petroleum market, has imported over 1.5 million cubic metres of fuel since the beginning of this year, an increase of 22 per cent against the last year’s same period, he said.

Meanwhile, the State Bank of Vietnam has confirmed that foreign currency supply for petroleum imports remains stable.

Commercial banks have arranged adequate foreign currencies for imports of petroleum distributors, the bank said.

Petrol importers and dealers have been complaining that they are incurring loss and have been insisting on petroleum price increases.

Dung said that to keep fuel prices unchanged his company has suffered a loss of at least VND2,800 per litre.

Director of Military Petroleum Company Vuong Dinh Dung said the appreciation of the US dollar against the dong has caused his company to incur losses of VND2,900 and VND3,500 per each litre of gasoline and diesel oil, respectively. – VIR

Tags: Vietnam petrol, Vietnam Petrol prices