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Friday, July 19, 2024

Fuel suppliers told to tap reserves to quench thirst

The Saigon Times

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HCMC – Minister of Industry and Trade Nguyen Hong Dien has ordered state-run wholesalers to tap their commercial fuel reserves to meet the demand and mitigate the ongoing fuel shortage.

To meet the rising fuel demand, the Vietnam National Petroleum Group, Petrolimex, is tasked with supplying 2,145,000 cubic meters of fuel in the fourth quarter, averaging 715,000 cubic meters per month.

The group already sold 879,000 cubic meters of gasoline in October. Petrolimex plans to supply 1,156,000 cubic meters of fuel this month, exceeding the target by 40%, and 1,000,000 cubic meters next month.

Only 61% of the fuel wholesalers, mainly state-owned ones, have fulfilled the year’s targets so far.

Le Manh Hung, general director of Vietnam Oil and Gas Group, said the fuel shortage would continue this month due to OPEC’s and Russia’s oil output cuts.

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