Vietnam spends nearly 5 billion USD importing gasoline and oil

According to the Ministry of Industry and Trade, the export turnover of petroleum products in July was estimated at 120,000 tons, worth 90 million USD, equivalent to 80.2% and 52% compared to the same period last year. In the first 7 months, Vietnam exported a total of 1.26 million tons of petroleum products worth 1.02 billion USD.

On the import side, the import turnover of all kinds of petroleum in July is estimated at 1.05 million tons with a total value of 790 million USD. This import volume is equal to 161% compared to the same period last year. In the 7 months, enterprises have imported a total of 6.26 million tons, worth 4.95 billion USD.

According to the Ministry of Industry and Trade, petroleum is an essential commodity and the Ministry has always closely monitored developments in the domestic and international petroleum market to promptly direct or recommend to competent authorities solutions to ensure petroleum supply for the market.

In the past 7 months, businesses have spent nearly 5 billion USD to import gasoline to supply the domestic market.

In April and June, the Ministry of Industry and Trade held two meetings with petroleum production and trading enterprises to discuss solutions to ensure petroleum supply for the domestic market in the coming time as well as to review the 6-month implementation of the total minimum petroleum supply this year of petroleum trading enterprises.

Notably, based on the results of the implementation of the total minimum petroleum supply of the key petroleum trading enterprises, the maintenance plan of the Nghi Son Refinery and Petrochemical Plant and the forecast of domestic petroleum supply in the last 6 months of the year, the Ministry of Industry and Trade has adjusted the allocation of the total minimum petroleum supply for the last 6 months of the year to the key petroleum trading enterprises accordingly to ensure the supply of petroleum for the domestic market. This is the reason why the import of petroleum of all kinds showed signs of increasing in July.

In the coming time, the Ministry of Industry and Trade will closely coordinate with ministries, branches and localities to closely monitor market developments, promptly implement or propose to the Government measures to ensure balance between supply and demand of essential goods when the market experiences unusual fluctuations.

(Source: Tien Phong)

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