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Tuesday, October 4, 2022

Ministry says fuel supply enough for Q2 consumption

The Saigon Times

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HCMC – Domestic fuel supply in the second quarter of 2022 is set to amount to some 6.7 million cubic meters, fully meeting the demand for consumption estimated at nearly 5.2 million cubic meters of fuels, according to the Ministry of Industry and Trade.

Apart from this, some 1.5 million cubic meters of fuels will be kept in reserve for the third quarter of the year, the ministry affirmed.

The domestic fuel market experienced price volatility in the first quarter of the year as the local oil and gasoline supply was affected by the Nghi Son refinery’s production cut of up to 85%, said the ministry.

Local fuel importers found it hard to access the global fuel supply due to soaring oil prices and disruptions in global supply resulting from the military conflict between Russia and Ukraine, the local media reported.

To ensure a sufficient supply of fuels for the local market, the ministry has urged fuel wholesalers to ramp up their fuel imports.

The ministry said that the Nghi Son refinery worked with local wholesalers on fuel supply in the second quarter under the fuel offtake agreements.

Accordingly, Nghi Son will supply 1.83 million cubic meters of fuels in the second quarter, with 590,000 cubic meters in April, 630,000 cubic meters in May and 610,000 cubic meters in June.

In addition to import sources and the supply from Nghi Son, the Binh Son refinery is set to provide 1.9 million cubic meters of fuels for domestic consumption, while the fuel inventories of the first quarter amount to 1.5 million cubic meters.

The total fuel consumption this year will be some 20.6 million cubic meters, according to the ministry.

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