November 18, 2019 00:53

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Ministry of Industry and Trade’s statement on concern for scarcity of petroleum?

14:05 | 29/03/2019

VCN – On the evening of March 25, 2019, the Ministry of Industry and Trade released information about operating petroleum prices as well as petroleum supply.

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The Ministry of Industry and Trade confirm that the petroleum supply will be ensured. Source; Internet

In addition, the key petroleum traders should closely monitor fluctuations in the petroleum sources, and in case of difficulties and beyond their competence, they need to report to the Ministry of Industry and Trade for a timely solution.This Ministry stated: Recently, the world petroleum market has fluctuations in supply and demand and prices, affecting the domestic petroleum market. In order to ensure the petroleum supply for domestic production, business and consumption, the Ministry of Industry and Trade has asked the key petroleum traders to ensure the petroleum supply for domestic production, business and consumption as well as for consumption units in the system.​

According to the report of key petroleum traders and some Departments of Industry and Trade, currently, the petroleum supply for the domestic market is still ensured. Besides, the traders are committed to ensuring continuous supply for their petroleum retailing system.

If the supply from domestic factories does not meet the demand, the traders will seek reasonable import sources to ensure petroleum for the domestic market.​

In addition, to ensure the strict observance of regulations on petroleum business, the Ministry of Industry and Trade has also asked the General Department of Market Surveillance to strengthen the inspection and supervision of sales at petroleum retail stores and strictly handle traders who are committing acts of violations on regulations on petroleum business.

From the beginning of the year until now, the petroleum price has undergone 6 price operating adjustments, including 1 price increase, 1 price reduction and 4 times remaining the same. In order to stabilize the petroleum price, the main solution is strong disbursement by the Petroleum Price Stabilization Fund. Meanwhile, the world petroleum price from the beginning of the year has continuously increased.

The strong spending outlay by the Petroleum Price Stabilization Fund to curb domestic petroleum prices, pushed many petroleum traders into a difficult situation when the input price increased and the output price remained stable. In addition, many retailers also reflected that there was a shortage of petroleum supply.

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VCN- It is stated by the Director of Import and Export Duty Department, (under the General Department ...

During the past, Dung Quat oil refinery plant had a problem, causing the interruption of petroleum supply for their key traders, so that the plant had to import petroleum from South Korea. Some experts said that the significant provisioning and using of the fund on the imported volume and sold volume may be a reason for limited sources for the petroleum traders.

By Thanh Nguyen/ Huyen Trang