Vietnam has high petroleum stockpile hinh anh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam’s oil and gas inventories are over 90 percent higher than the required level, meeting the domestic petroleum consumption demand in the next few months, according to the Vietnam Energy Association (VEA).

In the first months of 2020, the COVID-19 pandemic caused a sharp decline in domestic petroleum consumption due to limited travel and operation suspension of factories and enterprises. The situation is forecast to be continuing in the time to come.

Data released by the General Statistics Office showed that Vietnam imported 1.85 million tones of petrol and oil in the first three months of 2020, accounting for 61.67 percent of the total domestic demand at present.

Meanwhile, Dung Quat and Nghi Son refineries currently meet between 70-80 percent of the demand.

President of the VEA Tran Viet Ngai said that with the over-90-percent petroleum stockpile is sufficient for the domestic demand in the next three months.

The Vietnam Oil and Gas Group (PetroVietnam) recently has asked relevant ministries to halt petrol and oil imports as domestic sales have dropped.

PetroVietnam’s proposal was raised as sales of petrol and oil products in the domestic market slumped an estimated 30 percent in the first quarter of this year. PetroVietnam also forecast bigger reductions in the coming months.

In the latest review, the Ministries of Industry and Trade, and Finance have decided to 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 VND per litre at the highest.

The prices of diesel 0.05S and kerosene were capped at 11,259 VND and 9,141 VND per litre, respectively./.