The goal is to never run out of this essential item under any circumstances.
People buy gasoline at a store on Lang Street (Dong Da District). Photo: Trong Hieu
Sufficient supply for the market
In the second half of 2022, in many provinces and cities, including Hanoi, the gasoline and oil market experienced a localized supply disruption. Following the Prime Minister's direction, the Ministry of Industry and Trade has stepped in, closely monitoring developments in the domestic and international gasoline and oil markets, promptly coordinating with ministries and branches to find solutions to ensure supply.
At the end of 2022, the Ministry of Industry and Trade issued urgent dispatch No. 8544/CD-BCT directing oil refinery enterprises to increase production capacity, while traders proactively seek supply sources and increase imports; requiring ensuring adequate supply of gasoline and oil for the market, implementing on schedule, the total source of gasoline and oil allocated by the Ministry of Industry and Trade in 2023. The Ministry also held a meeting with key traders producing and trading gasoline and oil to propose solutions to ensure gasoline and oil supply for the domestic market, especially in the last 6 months of the year when Nghi Son Oil Refinery stops production for maintenance...
Thanks to the synchronous and drastic participation of ministries, branches and enterprises, the supply of gasoline and oil for the market is guaranteed. According to Le Xuan Huyen, Deputy General Director of the Vietnam National Oil and Gas Group, in 2023, the group's gasoline and oil supply will far exceed the set plan.
Deputy General Director of the Military Petroleum Corporation Tran Phu Binh said that in 2023, the enterprise will achieve 111% of the adjusted allocation plan for the third quarter of 2023.
To prevent fraud in the petrol and oil business, in 2023, the market management force will control more than 17,000 petrol and oil stores nationwide. According to the General Department of Market Management (Ministry of Industry and Trade), the entire force conducted more than 3,080 inspections, handled 860 violations, and imposed administrative fines of over VND 31.8 billion (an increase of more than 170%). This has contributed to stabilizing and making the market healthy, ensuring the rights and legitimate interests of businesses and consumers.
According to Phan Van Chinh, Director of the Domestic Market Department (Ministry of Industry and Trade), thanks to the active implementation of solutions and the implementation of tasks assigned by the Government leaders, the supply of gasoline and oil for the domestic market in 2023 is guaranteed, meeting the production, business and consumption needs of the people. The total source of gasoline and oil of all kinds (including imports, purchases from domestic production sources and blending) for the whole year of 2023 is estimated at about 26.02 million cubic meters/ton.
According to Minister of Industry and Trade Nguyen Hong Dien, in 2023, the management of gasoline and oil prices will be directed very strongly by the Government, closely coordinated by the Ministry of Industry and Trade - Ministry of Finance, implemented in accordance with regulations and resolved the problems previously reported by businesses. Gasoline and oil businesses basically agree with the management methods of the Government and the inter-ministerial ministries; key businesses, distributors and retail stores basically comply with the provisions of the law and the direction and guidance of the ministries and functional branches.
Develop quarterly and monthly operating "scenarios"
From the reality in 2023, the Ministry of Industry and Trade has balanced the supply and structure of gasoline and oil for production, business and consumption with a total minimum source in 2024 of nearly 28.42 million cubic meters/tons of gasoline and oil of all kinds.
Storage tank area at Nghi Son Oil Refinery (Thanh Hoa province). Photo: Le Hoi
Deputy General Director of the Vietnam National Oil and Gas Group Le Xuan Huyen said that since the beginning of 2024, the group has directed its member units to ensure the supply of gasoline and oil is at least equal to that of 2023.
According to Deputy General Director of Vietnam National Petroleum Group Tran Ngoc Nam, in 2024, the group was assigned 1.5 million cubic meters/ton, compared to the group's sales output in 2023, an increase of 12%; the assigned diesel oil increased by 22% compared to the group's sales output in 2023. Vietnam National Petroleum Group determined that it would strictly adhere to the assigned targets as well as regulations on minimum inventory limits. In early January 2024, the group proactively created purchasing sources from 2 domestic factories as well as imports, with an increase of 10% compared to the average assigned output.
Regarding the issue of implementing the minimum quota of the allocation plan, Deputy General Director of the Military Petroleum Corporation Tran Phu Binh said that in 2024, the enterprise will be assigned a quota that increases by 30% compared to the 2023 plan, and by 18% compared to the implementation of 2023.
In 2024, the Ministry of Industry and Trade will propose many new and more flexible solutions to ensure supply and manage prices in the face of unpredictable developments in the world and domestic economy, along with forecasts that domestic demand for gasoline and oil will increase, even increase dramatically. The "scenario" for gasoline and oil management is not annual but monthly and quarterly. This plan is also flexibly adjusted, using the results of this month as the basis for reviewing the management plan for the following months.
As a commodity that greatly affects the consumer price index (CPI), the management of gasoline and oil prices must follow both market mechanisms and ensure the State's role in management and regulation. For key enterprises, distributors, and retail stores trading in gasoline and oil, the Ministry of Industry and Trade requires thorough understanding and strict implementation of current legal regulations. This includes the application of management software, electronic invoice issuance, strict implementation of the total minimum amount of gasoline and oil allocated, and a monthly and quarterly implementation plan.
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