The Ministry of Industry and Trade has informed the situation of the petroleum market in the second quarter, after supply uncertainties in the first quarter.

Total petroleum demand for the domestic market is about 20.6 million m3 this year. Meanwhile, the Ministry of Industry and Trade said that the supply would reach about 6.7 million m3 this quarter.

The Ministry of Industry and Trade affirmed that the above supply would meet the consumption demand in the second quarter. The inventory will be about 1.5 million m3 in the third quarter.

To ensure the domestic petroleum supply, the Ministry of Industry and Trade said it would continue to direct petroleum dealers in allocating total sources and additional minimum import quotas, which the Ministry of Industry and Trade assigned in the second quarter.

The ministry also asked dealers to report on specific plans for petroleum production and supply from domestic production sources in balance with domestic consumption demand and adjust the allocation of petrol and oil import quotas to traders in the last six months.

At the same time, the ministry requested coordination with the Ministry of Finance to manage gasoline prices in close contact with world gasoline price movements, in line with domestic petroleum supply and demand to ensure harmonisation of interests among petroleum market participants.

The ministry also directed the market management force nationwide to continue strengthening the inspection and control of the market.

In particular, it requested the Committee for State Capital Management at Enterprises to direct Viet Nam Oil and Gas Group to urgently work and negotiate with relevant parties to quickly resolve the internal problems in the joint venture at the Nghi Son refinery.

The petrochemical plant aims to ensure the stable production and supply of petroleum for the domestic market. 

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