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 Ministry sets out to stabilise petrol prices through end of Q1 2011

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Join date : 2010-09-22

PostSubject: Ministry sets out to stabilise petrol prices through end of Q1 2011   Sun Dec 19, 2010 9:05 am

Ministry sets out to stabilise petrol prices through end of Q1 2011

* By LH | dtinews.vn | December 17, 2010 17:28 pm

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The Ministry of Industry and Trade on December 16 held a meeting with local petrol traders to ensure petrol supply and price stability.
Petrol price will remain stable through the 1st quarter of 2011.

The measures are being taken to ensure the supply and price remain stable through the 1st quarter of 2011.

The ministry is taking action to try to have prices stabilised before the 1st quarter of 2011 ends. According to the Ministry’s Import-Export Department, local petrol traders have by now imported 70% of the minimum import quota. The petrol consumption in 2010 has by now been 8% higher than 2009.

However, some trading companies, including Military Petroleum Company, Maritime Petroleum Company and Mekong Petroleum Company have changed their import plans to avoid losses. This is creating difficulties for others, especially Vietnam National Petroleum Corporation (Petrolimex).

Vice-director of Vietnam National Petroleum Corporation, Dam Thi Huyen, said that enterprises should equally join in the market to avoid a supply shortage.

Huyen revealed that the north has 5 agents managed by Petrolimex while the south has 11 agents. The pressure on Petrolimex over Diesel oil supply is high. This month the company is seeing an increase in market demand by 20 - 30% compared to recent months.

Due to losses, some companies have also reduced commissions for agents, causing some petrol stations to stop or reduce their sale volume and wait for the price to go up.

Meanwhile, deputy chief of the Ministry’s Market Management Department, Vo Van Quyen, confirmed that no enterprise is facing a supply shortage at the moment. They close petrol stations just to wait for higher prices.

"We have sent official dispatches to the Market Management Department in Hanoi and Ho Chi Minh City asking them to investigate and tackle this problem. They are instructed to strictly punish speculation cases, even to revoke their business license,” Quyen said.

Addressing the conference, deputy minister of Industry and Trade, Nguyen Cam Tu, reaffirms the Prime Minister’s directive to keep petrol prices stable until the end of the Tet Festival. The ministry has asked petrol trading companies to follow import plans, guarantee enough supply and ensure operation.

The ministry also asked PetroVietnam to ensure that Dung Quat Oil Refinery will operate at its highest capacity from now to the end of the 1st quarter in 2011.

At present, to stablise the petrol market, as well as reduce difficulties for trading companies, the ministry will ask the Prime Minister and the Ministry of Finance to cut down on petrol import tax.

The ministry will also negotiate with the State Bank of Vietnam to guarantee enough foreign currency sources for local importers.

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