Creating additional supply for the petroleum market.

In recent days, due to concerns about rising fuel prices and potential supply disruptions, people in many areas rushed to buy and hoard fuel, causing a sudden surge in demand. However, after fuel prices were adjusted on March 7th, the hoarding has decreased.

Petrolimex gas station on Tran Hung Dao Street (Hanoi).

The Ministry of Industry and Trade affirms that the supply of gasoline and diesel to the market will remain secure at least until the end of March.

Amidst the continued volatility and unpredictability of the global energy market, the Government and relevant ministries and agencies are proactively implementing various solutions to expand the supply of petroleum products, stabilize the market, and maintain national energy security.

The market is stable.

According to reports from the Departments of Industry and Trade in several localities in the northern provinces, especially in Hanoi, in recent days, many people have rushed to buy and hoard gasoline and diesel fuel in various ways, such as buying in plastic containers, barrels, or even using trucks to refuel multiple times at different gas stations. The sudden surge in demand for gasoline and diesel fuel in a short period has forced authorities to be extremely proactive in ensuring an uninterrupted supply.

Since March 8th, the hoarding of gasoline has decreased, but in some border communes of Tay Ninh, Gia Lai, and Nghe An provinces, there is a phenomenon of people from neighboring countries coming to Vietnam to buy gasoline because the price in Vietnam is cheaper (the price of Ron 95 gasoline in Cambodia is currently about 31,000 VND/liter, in Laos about 39,000 VND/liter, while in Vietnam it is over 27,000 VND/liter).

According to the Hanoi Department of Industry and Trade, major fuel distributors in the area reported a 50% increase in daily fuel sales from March 4th to 8th compared to the average of January. However, current supply and forecasts for the coming days are expected to remain stable. In Ho Chi Minh City, Da Nang, and Can Tho, gas stations are operating normally to serve the production and consumption needs of people and businesses; no instances of speculation, hoarding, or unreasonable price increases have been detected. In Thanh Hoa, sales at retail gas stations have seen a sharp increase of approximately 80 to 100% compared to the previous period. Currently, the fuel supply in the province is basically guaranteed by major distributors and traders to meet consumer demand until the end of March.

According to the Energy Security Task Force, domestic crude oil production currently stands at approximately 180,000 barrels per day; of which, about 150,000 barrels are supplied to the Dung Quat Refinery. Therefore, the crude oil supply for the refinery is essentially unaffected and sufficient for production until the end of April. The crude oil supply for the Nghi Son Refinery and Petrochemical Plant is more risky due to its dependence on imports from Kuwait, but existing inventories and shipments can still sustain production in the coming period, and the refinery is actively seeking ways to supplement its supply.

In addition, Vietnam imports approximately 30% of its domestic fuel consumption. Fuel distributors report that the supply of imported fuel in March was basically secure, but from April onwards, difficulties are expected due to rising prices and some countries discouraging fuel exports.

Diversifying crude oil supply sources

Global fuel prices have risen sharply in recent days due to the conflict in the Middle East. For example, gasoline prices in the US have increased by $0.88 to $1 per liter (approximately 11%) and diesel prices by $1.14 per liter (15%); gasoline prices in Laos have increased by 11 to 15% depending on the type, and diesel prices by about 33%; in Thailand, gasoline prices have increased by about 4 to 8% depending on the type, and diesel prices by 14%;…

Given the projected scarcity of crude oil supply and the rising price, the Energy Security Task Force recommends that the Government immediately implement measures to diversify crude oil sources for the Nghi Son Refinery and Petrochemical Plant, while maximizing domestic production to increase self-sufficiency and mitigate the impact of price fluctuations and logistics costs. In addition, the Ministry of Public Security, in coordination with the Ministry of Industry and Trade, should inspect, control, and strictly handle acts of hoarding gasoline and diesel fuel in anticipation of price increases and profiteering, in order to stabilize the market and ensure energy security.

In the long term, the Ministry of Science and Technology needs to urgently take the lead and coordinate with relevant ministries, sectors, and businesses to create favorable conditions for the early application and use of additives in the production, processing, and blending of petroleum products to promote fuel efficiency. In case of difficulties or obstacles beyond its authority, it may be necessary to implement a controlled trial mechanism and report to the competent authority immediately in March.

The State Bank of Vietnam needs to prepare foreign currency resources to support imports; in particular, prioritizing foreign currency and credit for petroleum production and trading enterprises importing crude oil and petroleum products to encourage businesses to create import sources and ensure the supply of petroleum products to the domestic market.

The Ministry of Industry and Trade is proposing that the Ministry of Finance cooperate in developing and submitting to the Government a plan to stabilize gasoline and diesel prices, which may include further adjustments to taxes and the use of the Price Stabilization Fund, in order to stabilize domestic gasoline and diesel prices. Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stated: “The Ministry of Industry and Trade is urging key enterprises to strengthen the signing of long-term contracts with partners in various markets such as the US and Southeast Asia, to gradually compensate for the disrupted supply from the Middle East; at the same time, enterprises must strictly maintain the required circulating reserve levels, ready to respond in the event of a tightening of global supply.”

Petroleum products are strategic commodities, playing a particularly important role in the functioning of the economy. Therefore, every liter of gasoline used economically and efficiently not only has economic significance but also makes a practical contribution to ensuring national energy security. The Ministry of Industry and Trade recommends that people proactively save energy, prioritize the use of public transportation, electric vehicles, and biofuels to reduce dependence on conventional gasoline. People need to remain calm in the face of market fluctuations, avoid panic and unnecessary hoarding of petroleum products, thereby contributing to market stability and ensuring the supply for essential economic needs. Petroleum businesses need to enhance their responsibility, not hoard goods, not sell in moderation waiting for prices to rise; at the same time, they need to proactively maintain the supply for the distribution system.

According to nhandan.vn

Source: https://baodongthap.vn/tao-them-nguon-cung-cho-thi-truong-xang-dau-a238000.html