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Tuesday, May 17, 2022

Oil and petroleum products imports in Feb three times higher than ordinary months

By Le Hoang

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HCMC – Vietnam imported 1.45 million cubic meters of oil and petrolem products in February, three times higher than the ordinary months amid global oil market uncertainties, according to the Ministry of Industry and Trade.

The ministry said the surging imports helped ensure a sufficient supply of oil and petrolem products in the first quarter of 2022.

The ongoing Russia-Ukraine military conflict, supply chain disruptions caused by the Covid-19 pandemic and increasing demand for fuels among countries to boost economic recovery have led to oil prices surging.

In late January, the Ministry of Industry and Trade asked fuel traders to take immediate action to replenish fuel stockpiles, especially at a time when domestic fuel production is falling.

The ministry also assigned 10 wholesale fuel firms to import 2.4 million cubic meters of petrol and oil in the second quarter of 2022 to secure supply in the local market.

Traders must ensure that the fuel they import is not lower than the assigned volume, comply with regulations on fuel trading and furnish their invoices and import-export receipts.

In addition, fuel importers have been directed to report their import procedures to the ministry before the 20th of each month.

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