Fuel supply to increase by 10-15% next year

Each business must be able to purchase or import the quantity of oil and gas as instructed, with two options on the table, Minister of Industry and Trade Nguyen Hong Dien said at a Monday meeting.

In the first option, businesses must purchase from two domestic refineries and import 25.9 million m3 of oil and gas, a year-on-year increase of 10%.

The second option is to purchase and import 26.76 million m3 of oil and gas, a 15% increase.

The oil and gas would be distributed throughout months and quarters.

Gasoline and oil shortages have occurred in several localities in the country, including the three major cities of Hanoi, Ho Chi Minh City and Da Nang in Q2 and Q3.

The trade ministry gave several reasons for the shortage including businesses having to import products at high prices and sell them at low prices, and their actual business costs not being factored into the pricing mechanism, forcing several traders and gasoline stations to operate at a loss.

In the first 9 months of this year, businesses purchased from local refineries and imported around 17.3 million m3 of gasoline and oil.