On September 18, at a meeting on the implementation of total petroleum resources and solutions to ensure petroleum supply at the end of the year, Ms. Nguyen Thuy Hien - Deputy Director of the Domestic Market Department (Ministry of Industry and Trade), said that the total production and import of petroleum in the first 8 months of 2024 reached about 19.6 million m3/ton of all types.

In the past 8 months, the whole country consumed about 18 million m3/ton of gasoline, up 4% over the same period last year. Inventory is about 1.95 million m3/ton, equivalent to the first 8 months of 2023.

Regarding production, according to Ms. Hien, in the last 4 months of 2024, it is expected that domestic production will be about 6.6 million m3/ton of gasoline and oil, while imports will be about 3.6 million m3/ton. Estimated consumption is more than 8 million m3/ton and inventory is from 1.8-2 million tons.

“If there are no unexpected factors, the supply of gasoline and oil in 2024 will be enough to meet the needs of production, business and consumption of the people,” she affirmed.

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The recent drop in gasoline prices has caused businesses to suffer losses. Photo: Nguyen Hue

According to Mr. Trinh Quang Khanh, Vice President of the Vietnam Petroleum Association, storm No. 3 and the floods after the storm have affected and caused damage to petroleum businesses, especially in Yen Bai, Lao Cai, Phu Tho provinces, etc. Up to this point, some stores are still flooded with 3m of water.

On the business side, Mr. Tran Ngoc Nam, Deputy General Director of the Vietnam National Petroleum Group (Petrolimex), said that about 100 Petrolimex stores were affected by the storm, many of which had their roofs collapsed. The storm's circulation also caused over 30 stores to be flooded, making it impossible to sell goods.

“Despite the great impact, we have ensured that we have stockpiled goods in our warehouse. At the same time, we have a backup plan in case storm No. 4 affects our country, ensuring a stable supply of goods in the system,” Mr. Nam informed.

According to Mr. Nam, the demand for gasoline will not be too sudden in the last months of the year. In some localities affected by storms and floods, people have stockpiled gasoline but this is only a local situation. Therefore, the domestic gasoline supply will be sufficient to meet the demand.

At the meeting, a number of key petroleum traders proposed to adjust down the total amount of petroleum allocated for the whole year 2024.

In the first 8 months of the year, 22/34 traders achieved over 60% of the plan to implement the total minimum source assigned in 2024; of which 6 traders achieved high results, exceeding 100%. The total source of imported and domestically purchased gasoline reached 18.16 million m3/ton of all kinds, equal to 63.7% of the total minimum source assigned by the Ministry of Industry and Trade (28.4 million m3/ton).

Meanwhile, businesses have suffered damage after the storm, some even suffered losses due to the sharp drop in gasoline prices in recent months. Not to mention, businesses have to ensure their reserves for 20 days, so balancing is difficult.

However, Mr. Phan Van Chinh, Director of the Domestic Market Department, commented that from now until the end of the year, the petroleum market situation will still be complicated. In addition, the weather situation is also unpredictable, storms and floods may occur. Therefore, the Ministry of Industry and Trade will carefully consider the issue of requesting a reduction in the total allocated resources of enterprises.

“The Ministry of Industry and Trade will seriously accept and carefully study the proposals of enterprises so that in any context, we can still achieve the highest goal of ensuring sufficient supply of gasoline for domestic use,” Mr. Phan Van Chinh emphasized.

Hai Duong residents rush to buy gasoline and rice to stockpile because of the "dyke breach" scam on Facebook . Many people spreading rumors about "dyke breach" have been summoned and dealt with by the police. However, after reading the news on Facebook, Hai Duong residents still rushed to buy food and fuel to stockpile.