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Sunday, October 2, 2022

Vietnam to import 2.4 million cubic meters of fuel in Q2

The Saigon Times

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HCMC — The Ministry of Industry and Trade has decided to ramp up fuel imports and asked 10 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.

The increased imports are meant to ease the fuel shortage faced by many parts of the country due to falling domestic production, local media reported.

The 10 wholesale fuel firms are Petrolimex, PVOil, Hai Ha Waterway Transport Co, Hai Linh Company, Nam Song Hau Trading Investing Petroleum JSC, Xuyen Viet Oil Travel and Transport Trading Co., Thanh Le Corporation, PETIMEX, Thien Minh Duc Group, and MIPEC.

The firms have been asked to 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.

Following the ministry’s directive, many wholesale fuel firms boosted fuel imports in February.

In the first half of February, local fuel firms imported 803,000 cubic meters of oil and petrol, while a few months ago, the monthly imports of fuel amounted to around 500,000 cubic meters, according to the General Department of Vietnam Customs.

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