Log in
Business

Trade ministry ensures sufficient petrol supplies ahead of upcoming holidays

In the latest petrol price adjustment period on August 22, the domestic retail prices were back on the upward trend following five consecutive cuts in July.

Vietnam's Ministry of Industry and Trade (MoIT) has instructed major petrol distributors to ensure sufficient supplies of oil and gas in anticipation of rising demand in the upcoming major holiday - the National Day on September 2.

 Petrol prices in Vietnam have returned to an upward trend since August 22. File photo

Under the instruction, the MoIT called for measures to avoid disruption of the oil supply for filling stations nationwide.

“Major distributors are responsible for keeping sufficient inventory, sourcing from imports if necessary, to meet domestic demand,” stated the ministry.

The MoIT requested its agencies in localities to closely monitor the petrol supply-demand, including the operation of petrol stations to avoid shutdown for no justifiable reason.

In the latest petrol price adjustment period on August 22, the domestic retail prices were back on the upward trend following five consecutive declines in July.

Prices of RON95-III stood at VND24,660 (US$1.05) per liter; biofuel E5-RON92 at VND23,720 ($1.01); and diesel at VND23,750 ($1.01).

Since the beginning of 2022, Vietnam’s domestic petrol prices underwent 22 price adjustment periods, including 12 rises and eight cuts.

Compared to late June, the prices of each liter of RON95-III declined by VND8,210; E5-RON92 down by VND7,580, and diesel by VND6,200, or around the level before the outbreak of the Russia-Ukraine conflict in late February.

Reactions:
Share:
Trending
Most Viewed
Related news
Policymakers ratifies resolution on private sector development

Policymakers ratifies resolution on private sector development

The private sector, including business households, currently contributes around 51% of GDP and over 30% of the state budget.

Private sector needs breakthrough solutions to thrive

Private sector needs breakthrough solutions to thrive

Stable policy implementation and supporting mechanisms are important for businesses to resolve commercial disputes and international integration.

Vietnam to offer substantial incentives for home businesses 

Vietnam to offer substantial incentives for home businesses 

This move is expected to help Vietnam achieve its national target of having two million businesses by 2030.

US issues positive determination in anti-dumping on fiber cast imports from Vietnam

US issues positive determination in anti-dumping on fiber cast imports from Vietnam

The outcome is considered to be favorable for Vietnamese exporters, in particular as the cooperating firms are also subject to a relatively low provisional countervailing duty of 3.39%.

Foreign inflows into Vietnam stock market hit two-year high

Foreign inflows into Vietnam stock market hit two-year high

Foreign investors bought more than VND4.1 trillion (about US$161 million) worth of stocks on May 13, nearly three times the amount of the previous day.

Vietnam urges US firms to support fair bilateral trade deal

Vietnam urges US firms to support fair bilateral trade deal

Vietnam has addressed concerns of the US government and corporations, strengthened its fight against trade fraud, and promote administrative implemented reforms.

TH Group inaugurates large-scale dairy processing plant in Russia

TH Group inaugurates large-scale dairy processing plant in Russia

Ventures like the TH Group are accelerating the development of the dairy farming in the Kaluga Oblast of Russia.

Vietnamese banks restructure workforce as demand for digital hire grows

Vietnamese banks restructure workforce as demand for digital hire grows

Driven by structural reforms and cost-efficiency goals, Vietnamese banks are streamlining their workforce, a trend expected to last through 2030, according to industry leaders.