Vietnam will continue to face difficulties securing refined petroleum products, its industry and trade minister said on Saturday, as authorities scramble to avert a fuel supply crunch.
Mauritz Pretorius has to go to several gas stations before he can fill his motorbike with VND50,000 ($2) worth of fuel since it has become scarce.
Vietnam on Wednesday called on its largest fuel trading firms to release their stocks amid concerns about a fuel supply crunch.
121 gas stations in HCMC, or 20% of the city’s fuel retailers, were without fuel Monday because wholesalers couldn’t replenish their inventory on time.
The Ministry of Finance refused a proposal to exempt special consumption tax on gasoline given the country’s tax rate is at a low level compared to many other countries.
Vietnam plans to cut its Most Favoured Nation (MFN) tariff on gasoline to 12% from 20% to help ease inflationary pressure, the government said on Thursday.
The Ministry of Industry and Trade has put forward a proposal to increase the country’s fuel reserve by as much as four times, said Lê Việt Nga, deputy head of the ministry’s domestic market department, during a conference last week…
Vietnam is considering cutting taxes on fuel to help ease prices at all-time highs, but inflation remains under control and helped by domestic food production, its finance minister said on Wednesday.
Fugitive Vietnamese state company official Trinh Xuan Thanh was abducted from Berlin park in July 2017
Vietnam is seeking to build its third oil refinery to meet domestic consumption demand as the country is facing a supply shortage and soaring energy prices, the deputy prime minister told a parliament meeting in the capital.
Surging crude oil prices may benefit the Vietnamese oil industry, but its exploration and exploitation activities are likely to be hit by the geopolitical situation.
PetroVietnam has cautioned that the disruptions to international trade caused by Russia’s invasion of Ukraine could impact its operations.
Vietnam’s leading refinery appears to have missed out on a golden opportunity, slashing output during a global oil rally because of a lack of coordination among the project’s stakeholders.
Vietnam’s finance ministry on Thursday said it would propose to the government a cut in environment tax on fuel, amid soaring energy prices globally.
Prime minister orders probe of market, sales of state gasoline. Governments worldwide face surging prices as crude oil soars.
Vietnam’s Industry and Trade Ministry said it will inspect 33 of the country’s 36 fuel distributors as petrol shortages continue to be reported in the country.
The surge in crude oil prices to an eight-year high is set to have a major inflationary effect in Vietnam.
Vietnam’s Nghi Son Refinery and Petrochemical (NSRP) has said a lengthy shutdown will not be required for now after a major shareholder reached a short-term funding deal to keep the facility operational.
Vietnam’s Binh Son refinery on Wednesday said it was operating above capacity to address supply concerns, as top petroleum firms announced plans to boost imports amid fears of a shutdown of the country’s biggest refinery.
US energy giant recommits to $20 billion ‘Blue Whale’ gas project despite tacit threats from Beijing and shifting sentiment on fossil fuels
Russia and Vietnam have agreed to continue their cooperation in the oil and gas sector.
A Vietnamese oil tanker was seized at gunpoint by Iranian soldiers in the Gulf of Oman on October 24, for reasons that remain unclear.
Vietnam has been in talks with Iranian authorities over the seizure last month of a Vietnamese oil tanker off the Iranian coast, in an effort to guarantee the safety of the crew, the Southeast Asian nation’s said on Thursday.
Vietnam is facing challenges in crude oil extraction due to depleting resources, offsetting potential gains amidst surging oil prices.
The Trump administration pressured the country to award big LNG projects to American companies. Some of them may not materialize.
Malaysia’s Hibiscus Petroleum Berhad has acquired the assets of Spanish oil exploration and drilling firm Repsol Exploración, S.A. in Vietnam.