Vietnam to triple petroleum imports

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On the afternoon of March 14, the Ministry of Industry and Trade informed that it has requested importers to triple petroleum imports in order to fill the shortfall from Nghi Son Oil Refinery.

Vietnam to triple petroleum imports
Vietnam triples petroleum imports.

The Ministry of Industry and Trade has assigned additional import quotas to 10 key enterprises and periodically checks the import to ensure there is no shortage of supply in any situation.

Along with that, the Ministry of Industry and Trade will pay regular and unscheduled visits to petroleum trading enterprises including key enterprises, distributors, and gas filling stations nationwide to control violations. Staff from market surveillance departments nationwide will continue to strengthen inspection and control of the market, closely coordinate with other functional forces have tough penalties on violators.

In the context of constantly fluctuating world gasoline prices, in order not to cause sudden changes such as shortages of goods or large fluctuations in prices, the Ministry of Industry and Trade recommended that domestic enterprises, organizations, and individuals use gasoline and oil rationally. It will regularly monitor energy and petroleum-using units to ensure reasonable, economical use and avoid waste.

Enterprises, production, and business establishments need to pay attention only to the consumption of petrol and oil in the process of production and circulation of supplies, raw materials, and products and must consider this as the organization and rearrangement of production.

The Ministry has assigned the Domestic Market Department to coordinate with other relevant units to continue to grasp the world situation on petroleum products to promptly formulate suitable response plans.

Moreover, related agencies must accurately assess domestic supply and actual demand in order to have a reasonable import plan to cover the shortfall. Responsible bodies must keep a close eye on the world prices of gasoline and conduct regular reviews to promptly report petrol price fluctuations to the Government.

The Ministry of Industry and Trade said that it would work with relevant ministries and sectors to study and report to the Government for consideration and adjustment of taxes and fees such as special consumption tax that applies to the production or importation of specific goods and to certain services, environmental protection tax and other expenses related to gasoline business to control price increase in the context of unfavorable development of the world petroleum prices.

Source: Sai Gon Giai Phong

The signs of “imported inflation” have appeared as prices of goods purchased from abroad in the first two months of 2022 rose to higher levels compared to the same period last year.

Vietnam has a wide range of domestic energy sources such as crude oil, coal, natural gas and hydroelectricity, which have played an important role in economic development for decades.

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