Thursday , December 1 2022

Ministry orders refineries to bump up gasoline production


The Ministry of Industry and Trade has instructed the country’s two refineries to crank up gasoline production to maximum capacity as the south continues to report shortages.

Nghi Son and Dung Quat have increased diesel production and cut their gasoline output in recent months as the latter fetches high profits, Tran Duy Dong, head of the ministry’s domestic market department, said.

The refineries need to meet their gasoline delivery commitments by using backup inventories if needed, he added.

Dung Quat in Quang Ngai Province is operating at 105% of capacity to increase supply, while Nghi Son in Thanh Hoa Province has returned to 100% after a cut in the first quarter.

Global fuel prices are going to be difficult to forecast in the near future, the Ministry of Finance said at a meeting Thursday.

Prime Minister Pham Minh Chinh said the lack of efficient cooperation between government agencies is the main reason for the recent shortages, and authorities are studying the possibility of reducing the interval between gasoline price adjustments to ensure more efficient market intervention.

Deputy Prime Minister Le Van Thanh has instructed the trade ministry to prevent fuel speculation and hoarding.

People in the south have had great difficulty getting gasoline in recent weeks with many gas stations running out of fuel or selling restricted quantities as a running battle over commissions with oil companies disrupted supply.

In Ho Chi Minh City, for example, 137 did not have stocks on Tuesday.

But supply resumed Wednesday with authorities guaranteeing there would be enough gasoline for the next 10 days.

Fuel shortage causes arguments, frustration at HCMC gas stations

Fuel shortage causes arguments, frustration at HCMC gas stations

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