Allocate 28.42 million cubic meters/tons of petroleum products for 2024.

On the afternoon of January 3rd in Hanoi, Minister of Industry and Trade Nguyen Hong Dien chaired a meeting with member units and businesses involved in the production, trading, and import of petroleum products to discuss specific solutions to ensure supply and stabilize the petroleum market during the Lunar New Year holiday and throughout 2024.

According to a report from Phan Van Chinh, Director of the Domestic Market Department (Ministry of Industry and Trade), in 2023, the total volume of all types of petroleum products, including imports, purchases from domestic production sources, and blending, was estimated at approximately 26.02 million ^m³ /tons. Of that amount, the estimated import volume for the whole year of 2023 was about 10.2 million ^m³ /tons.

Minister Nguyen Hong Dien chaired the meeting.

Entering 2024, based on the total registered capacity of petroleum trading companies as well as the ability of businesses to import, blend, and purchase from domestic production sources, the Ministry of Industry and Trade has balanced and calculated the minimum total petroleum supply allocation for the whole year of 2024 at nearly 28.42 million ^m³ /tons.

Therefore, the total amount of petroleum products supplied to the market in 2024 will be approximately 2.4 million cubic meters/tons higher than last year.

Delegates attending the meeting. Photo provided by the Office of the Ministry of Industry and Trade.

Reviewing the petroleum supply situation in 2023, Minister Nguyen Hong Dien stated that some key enterprises had not strictly complied with the plan for allocating the minimum total supply as well as the operating conditions of a key enterprise, such as: warehouses, storage facilities, minimum commercial reserves, compliance with tax obligations, management and use of the price stabilization fund…

Minister Nguyen Hong Dien directs the tasks for petroleum supply in 2024.

The Ministry of Industry and Trade leadership requires that in 2024, key enterprises, distributors, and retail outlets selling petroleum products must strictly implement the directives of the Government and the Prime Minister, including regulations on the application of management software to ensure objectivity and transparency, and the issuance of electronic invoices in petroleum business as guided by the Ministry of Finance .

In addition, businesses must strictly adhere to the minimum total fuel supply allocated to them, with implementation plans based on monthly and quarterly schedules, rather than annually as before.

The Minister of Industry and Trade also requested that relevant authorities conduct regular inspections and checks to promptly detect and strictly handle cases of violations related to the business and supply of petroleum products.

VAN PHUC

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