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“From now until the end of the year we enjoy a discount on petrol prices”

According to the Ministry of Industry and Trade, the reduction in domestic gasoline prices is largely dependent on fluctuations in the world market.

On the afternoon of April 29, the Deputy Minister of Industry and Trade answered questions about the market and oil reserves at the government’s regular April 2022 press conference.

Accordingly, on the issue of oil supply, Deputy Minister of Industry and Trade Do Thang Hai said that the energy issue has a glitch affecting the political situation and tensions between Russia and Ukraine.

In Vietnam, the supply of water from 2 refineries and petrochemical plants Nghi Son and Binh Son is currently 70-75%; Imports account for 20-25%.

However, the domestic oil market was hit by many volatility in the first quarter due to shipments from the Nghi Son refinery, which accounts for 35-45% of the market share, with capacity falling sharply in January and early February. Reduction of capacity by up to 55%, even when production is at a standstill.

Meanwhile, the supply situation for imports is difficult due to the political situation, rising prices, logistics costs and limited supplies and increased freight rates.

“The Prime Minister has asked the Ministry of Industry and Trade and the Ministry of Finance to import proactively and consider reducing the capacity of the Nghi Son refinery and petrochemical plant. Therefore, the first quarter continues to secure the supply of production and business,” said Mr. Hai. called.

Deputy Minister for Industry and Trade:

Deputy Industry and Trade Minister Do Thang Hai answered questions from the press at the government press conference. Photo: Hoang Thanh.

The Deputy Minister of Industry and Commerce also said that the Nghi Son factory will be reviewed in the second quarter, and the Ministry of Industry and Commerce issued Ordinance No. 242 of February 24, 2022 on the allocation of additional petroleum imports in the quarter. II for 10 gas stations to fill the shortage of petroleum at Nghi Son Refinery and Petrochemical Plant. In the second quarter, apart from the source from the Nghi Son oil refinery, there is still enough gasoline to supply.

For the third and fourth quarters, the Ministry of Industry and Trade has been working with Nghi Son Refinery and Petrochemical Plant and will give priority to domestic supply based on this factory’s commitment. The rest is allocated to 10 trading points for imported petroleum.

Regarding the management of petrol prices, the Deputy Minister for Industry and Trade said it still depends on the government’s Decree 83 and Decree 95. As for the solution to lowering gasoline prices, the calculation formula depends on world market prices. In the past, the Inter-Ministry of Finance – Industry and Trade used the Gasoline Price Stabilization Fund (BOG), so although the world price has increased, Vietnam’s price increase was still small compared to the world price.

“Recently, the National Assembly passed a resolution to lower the environmental tax on gasoline. From now until the end of the year, both consumers and businesses will enjoy a drop in gasoline prices,” said Mr. Hai.

The Ministry of Industry, Trade and Finance is currently examining tax reduction measures that could prevent oil smuggling to countries close to Vietnam.

Regarding gasoline and oil reserves, according to Mr. Hai, for gasoline and oil hubs, reserve 20 days in warehouses; Suppliers should reserve 5 days. State Reserves Due to limited capacity and budget, the Ministry of Industry, Trade and Finance will discuss with ministries and sectors to propose solutions that reflect Vietnam’s actual situation to ensure maximum reserve situation.

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