VINACHEM

Due to the fluctuations in the global energy market that could last until next year, the Ministry of Industry and Trade (MoIT) is making efforts to ensure the supply of petroleum products in the domestic market.

The MoIT is directing domestic oil refineries to increase production capacity and state-owned enterprises to increase imports until at least June 2023. The ministry continues to review and promptly update incurred costs (if any) into a formula for calculating the base price of fuel.

In addition, it will continue to inspect, supervise, and handle violations in compliance with the regulations – especially in terms of speculation and the hoarding of products. The ministry has also studied solutions to manage the difficulties in relation to petroleum business capital for specific cases.

Petroleum will be allocated monthly or quarterly and adjusted regularly based on data from the management software. The MoIT also suggested that it is necessary to separate the relative output between imports and purchases from domestic refineries. Enterprises that do not have enough capacity will be allowed to combine the figures and import.