Monday , December 5 2022

Gasoline shortage prompts Dung Quat refinery to increase production


The Dung Quat Refinery in central Vietnam has increased production to 112% of capacity, as several localities struggle with gasoline shortages.

According to the refinery operator, Binh Son Refining and Petrochemical (BSR), production was steadily increased to 112% from the night of November 5 to the morning of November 6 to relieve supply pressure across the country.

BSR has said it plans to raise output and replenish crude oil stocks in the remaining two months of the year, importing more intermediate materials while assessing technological and safe transportation solutions in order to operate at full capacity.

BSR has stated that it has distributed the majority of its products to retailers nationwide.

The company sold about 6.6 million cubic meters of petroleum in the first ten months of this year, exceeding its committed volume by 450,000 cubic meters. As a result, the refinery’s inventory is at a low level.

This plant currently meets around 35% of domestic gasoline demand.

Prime Minister Pham Minh Chinh informed the National Assembly Saturday that he had authorized the country’s two operational oil refineries-Dung Quat and Nghi Son- to work at full capacity to meet 70-80% of the domestic market demand.

In response to a rapid surge in global gasoline prices, the government immediately decreased the petroleum import tax and requested that the National Assembly Standing Committee allows reductions in the environmental protection tax on petrol and oil in order to assist individuals and businesses.

Many localities have been suffering fuel shortages with gas stations running out of stock or selling limited quantities as a running battle over commissions with oil companies disrupted supply.

Chinh said the main cause of fuel shortage, particularly in some major cities, was that the supply of petrol and oil continued to fluctuate rapidly and input costs were rising.

At the same time, coordination between management agencies was loose and they were not responding in a timely manner to domestic and foreign market developments.

The fuel market in Vietnam is regulated by both the trade and finance ministries, but the latter has called on the government to let the former take over and resolve the issue.

PM Chinh told VnExpress earlier this month that he has asked government bodies to study the possibility of letting the Ministry of Industry and Trade become sole regulator of the domestic fuel market.

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