No shortage of gasoline supply

Vuong Thai Dung, deputy general director of Vietnam National Petroleum Corporation (Petrolimex), which accounts for 60 percent of the gasoline market share, said on December 20 that there was no shortage of gasoline and all the gas stations that belonged to the company are fully supplied.

However, he admitted that the gasoline business is currently facing a number of difficulties. These include high foreign exchange rates and high global gasoline prices, which are causing a loss of VND2, 000 per litre to each business.

“Despite many difficulties, we are trying to overcome theses issues and to ensure that there will be ample supplies of gasoline,” Mr. Dung said.

Earlier, after information that some gasoline agencies had to close due to a shortage in supply, deputy minister Nguyen Cam Tu of the Ministry of Industry and Trade affirmed that the ministry would ensure adequate gasoline supplies, until the end of the first quarter of 2011.

The amount of gasoline imported in December accounts for 30 percent of the total amount for the whole year. The Dung Quat Oil Refinery is now running at full capacity.

In addition, the State Bank of Vietnam has pledged to ensure foreign currency supply for firms that import gasoline, until the end of first quarter of 201.

Moreover, to prevent any speculation on gasoline prices, the Ministry has ordered the Market Control Department to intensify their inspection of gas stations and to punish any businesses that break the regulations.

Tags: Vietnam gas, Vietnam Gas prices