Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’s oiland gas inventories are over 90 percent higher than the required level, meetingthe domestic petroleum consumption demand in the next few months, according to theVietnam Energy Association (VEA).
In the first months of 2020, theCOVID-19 pandemic caused a sharp decline in domestic petroleum consumption dueto limited travel and operation suspension of factories andenterprises. The situation is forecast to be continuing in the time to come.
Data released by the GeneralStatistics Office showed that Vietnam imported 1.85 million tones of petrol andoil in the first three months of 2020, accounting for 61.67 percent of thetotal domestic demand at present.
Meanwhile, Dung Quat and Nghi Sonrefineries currently meet between 70-80 percent of the demand.
President of the VEA Tran Viet Ngai said that with the over-90-percent petroleumstockpile is sufficient for the domestic demand in the next three months.
TheVietnam Oil and Gas Group (PetroVietnam) recently has asked relevant ministriesto halt petrol and oil imports as domestic sales have dropped.
PetroVietnam’sproposal was raised as sales of petrol and oil products in the domesticmarket slumped an estimated 30 percent in the first quarter of thisyear. PetroVietnam also forecast bigger reductions in the coming months.
In the latest review, the Ministries of Industry and Trade, and Finance have decidedto reduce the retail price of petrol by over 4,100 VND/litre
Accordingly, price of E5RON92 is not higher than 11,956 VND(0.51 USD) per litre at the highest, while that of RON95-III was adjusted down to 12,560 VNDper litre at the highest.
The prices of diesel 0.05S and kerosene were capped at 11,259 VND and 9,141VND per litre, respectively./.
VNA
