Ms. Nguyen Thuy Hien - Deputy Director of the Domestic Market Department (Ministry of Industry and Trade) said that in the first half of 2024, implementing the regulations on state management of petroleum trading, the Ministry of Industry and Trade issued a decision to inspect the maintenance of petroleum trading conditions of 6 wholesale traders and 8 distributors. The inspection is currently in progress.

In addition, through reviewing the report on maintaining business conditions, the Ministry has directed the General Department of Market Management to inspect 4 main traders and 20 distributors with signs of violations for consideration and handling according to regulations.

The Ministry of Industry and Trade assessed that in the first 6 months of the year, traders basically complied with the legal regulations on petroleum trading, reported on maintaining and changing the distribution system, reported on production, export, import, inventory, reported on the price stabilization fund, declared selling prices... periodically according to regulations and suddenly according to the requirements of the Ministry of Industry and Trade. However, there are still some traders who have not proactively reported, so the Ministry has to remind them.

Illustration photo. (Source: TNO)

According to Ms. Hien, every year, according to regulations on state management in petroleum business, the Ministry regularly plans to inspect the maintenance of business conditions of petroleum traders.

"The Ministry of Industry and Trade will have an inspection plan for all major traders and petroleum distributors, whether large or small. This inspection is not related to and does not affect the total domestic petroleum source," the Deputy Director of the Domestic Market Department emphasized.

In 2024, the total minimum petroleum source in 2024 that the Ministry of Industry and Trade will assign to 36 key petroleum traders is a total of more than 28,437,000 m3/ton of various types of petroleum.

In the first 6 months of 2024, according to reports from the 2 factories and the General Department of Customs, the total source of production and import of gasoline and oil in the first 6 months of 2024 reached 12.41 million tons, equivalent to about 15.2 million m3/ton of gasoline and oil of all kinds, of which imports accounted for 44.5% and domestic production accounted for 55.5%.

According to reports from key petroleum traders, the total imported and domestic purchases in the first 6 months of 2024 reached 13.8 million m3/ton of all types of petroleum, equal to 48% of the total minimum source assigned by the Ministry of Industry and Trade, down 0.28% compared to the first 6 months of 2023.

Consumption in the first half of 2024 is about 13.2 million m3 tons. Inventory as of June 30 this year is about 1.85 million m3/ton, equivalent to the first half of last year.

Forecast of domestic petroleum supply in the last 6 months of 2024, total production and import sources are about 12.76 million tons, equivalent to about 15.3 million m3/ton. Total production and import sources in the last 6 months of 2024, according to traders' reports, are estimated at about 13.3 million m3/ton of all kinds of petroleum. Estimated consumption in the last 6 months of 2024 is about 13.2 million m3/ton (average of about 2.2 million m3/ton/month). Inventory is from 1.8 - 2 million tons.

Thus, the supply of gasoline will be sufficient to meet the needs of people and manufacturing enterprises.

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