Vietnam’s biggest supplier says gasoline reserve healthy

Vietnam’s main oil supplier announces the country’s gasoline reserve remains healthy as its biggest oil refinery is running properly.

According to the state-owned oil and gas group PetroVietnam, the Dung Quat Oil Refinery’s operation is steady, with a weekly output of nearly 200,000 cubic meters of gasoline.

The statement was made in an attempt to shrug off the rumor that the country’s gasoline reserve is running low and some retailers are trying to speculate on gasoline.

The Ministry of Industry and Trade said the Dung Quat oil refinery’s steady output combining with the upcoming imported amount will ensure the country’s gasoline supplying this year.

Big losses from the oil price fluctuation early this year have lead gasoline suppliers to cut commissions to retailers. Some retail stores then shut down or reduce their sales to wait for the price to rise, causing the rumor that the reserve is dropping.

PetroVietnam said relevant units should keep closer eyes on the retailers, who try to take advantages of the rumor to speculate on gasoline.

Deputy Industry and Trade Minister Nguyen Cam Tu said the gasoline price will remain unchanged until the end of the year in accordance with Prime Minister Nguyen Tan Dung’s instruction.

The deficit between retail and wholesale prices of gasoline, diesel and kerosene is VND2,000 per liter, and mazut VND1,000 per liter.

Tags: Vietnam gasoline reserve