Several petrol retailers have decided to suspend their business since last week due to insufficient supply and unprofitability.

Director of the Domestic Market Department Tran Duy Dong denied the news about fuel shortages, saying the demand for fuel consumption would be fully satisfied by domestic supply and fuel imports.

The Nghi Son Refinery and Binh Son Refining and Petrochemical JSC planned to produce around 3.9 million square meters of fuels in the third quarter, accounting for some 72% of the domestic demand. In the last quarter of this year, the production capacity of the two refineries will be estimated at around 4.4 million square meters, accounting for 80% of the domestic demand.

Regarding fuel imports, each enterprise is expected to import around 500,000 square meters per month in the last months of this year. Meanwhile, the demand for domestic fuel consumption is estimated at 1.6-1.7 million each month.

The Ministry of Industry and Trade emphasized that Vietnam’s fuel prices have been kept stable, lower than those of some countries in Southeast Asia and the world.

Representatives of the Industry and Trade Departments in cities and provinces like HCMC, Kien Giang and Can Tho said fuel retailers and traders in the regions have ensured a steady supply of fuel and none of the fuel stations suspended their businesses due to fuel shortages.

At the meeting, the Ministry of Industry and Trade required the relevant departments to coordinate with the market management board to carry out an inspection of petrol and oil retailers. Any enterprise that doesn’t comply with the regulations will have its business license suspended.

Moreover, fuel retailers and traders are requested to properly share their fuel supply with each other to ensure a sufficient supply for the domestic market.

Source: Saigon Times