[NEWS] - In July 2023, petroleum imports of all kinds increased by 61% over the same period

In July 2023, the import of petrol and oil of all kinds increased sharply over the same period to ensure supply for the domestic market when Nghi Son Refinery had suspended maintenance. 

According to statistics of the Ministry of Industry and Trade, the export turnover of petroleum of all kinds in July is estimated at 120 thousand tons, valued at 90 million USD, equivalent to about 80.2% and 52% over the same period in July estimated at 1.26 million tons, worth 1.02 billion USD, equivalent to about 103.3 % and 85.8% over the same period.

On the import side, the import turnover of petrol and oil of all kinds in July was estimated at 1.05 million tons, worth 790 million USD, equivalent to 161% and 107.8% over the same period; in the first 7 months, it is estimated at 6.26 million tons, worth 4.95 billion USD, equivalent to 115% and 86.4% over the same period.

Petrol is an essential commodity and over the past time, the Ministry of Industry and Trade has always closely monitored the developments of the domestic and international petroleum market to promptly direct or recommend the authorities solutions to ensure the supply of petroleum products supply of petroleum to the market. In April and June 2023, the Ministry of Industry and Trade held two meetings with key petroleum producers and petroleum traders to discuss solutions to ensure petroleum supply. for the domestic market in the coming time as well as a preliminary review of 6 months of implementation of the minimum total petroleum source in 2023 by major petroleum traders.

Notably, based on the results of the implementation of the minimum total petroleum supply in 2023 of the leading petrol and oil traders, the plant maintenance plan of Nghi Son Refinery and Petrochemical, and the forecast of gasoline supply. For domestic oil in the last 6 months of 2023, the Ministry of Industry and Trade has adjusted the allocation of total petroleum resources for at least the last 6 months of the year to petrol and oil wholesalers accordingly to ensure the supply of petrol and oil for the domestic market. This is the reason why petroleum imports of all kinds showed signs of increasing in July.

In the coming time, the Ministry of Industry and Trade will closely coordinate with ministries, branches, and localities to closely monitor market developments, and promptly implement or propose measures to the Government to ensure a balance between goods supply and demand. essential when there is abnormal market volatility.

In addition, coordinate with Ministries and sectors in advising and managing the prices of commodities controlled by the state, including petroleum products to ensure the supply of petrol and oil in the market, contributing to controlling inflation development in line with the Government’s goals.

Hoang Yen (Collection source)