HA NOI — The Ministry of Industry and Trade (MoIT) has allocated the 2012 fuel import quotas to 13 major petrol distributors.
|Oil tankers at Quang Ninh port. The Ministry of Trade has permitted petrol distributors to import 10.1 million cu. metres of fuel this year. — VNA/VNS Photo Nguyen Dan
Accordingly, these distributors are allowed to import a total quantity of 10.1 million cu metres of fuel for this year with 3.48 million cu. metres of gasoline; 5.52 million cu. metres of diesel; 1 million tonnes of fuel oil; 12,000 cu. metres of kerosene and 300,000 cu. metres of aviation fuel.
Viet Nam National Petroleum Group or Petrolimex is a major importer and was allocated the biggest quota with 5.84 million cu. metres. PV Oil followed with 1.26 million cu. metres and Petect Trading and Investment Corporation with 503,000 cu. metres.
The online newspaper Dan Tri said that the ministry also requested these distributors look closely at the supply of local Dung Quat Oil Refinery to set up their specific import plans in order to ensure sufficient fuel in the domestic market and have a reserve petrol equivalent to at least 30 days of supply.
They are not allowed to import below the allocated quotas.
This year, the petrol price stabilisation fund would continue to run with sources collected by both customers and distributors, Minister of Finance Vuong Dinh Hue said.
At a meeting in Ha Noi yesterday, Hue said that the petrol prices would be adjusted based on Government Decree 84; however, the adjustment time would be shorter.
The Government's decree 84 allows businesses to adjust petrol prices up to 7 per cent when the world petrol prices have fluctuated 7 per cent in the past 30 consecutive days. While the global oil prices were unstable, from 7 per cent to 12 per cent, enterprises were allowed to hike more than 60 per cent of the increase while the remaining 40 per cent was offset by import tax adjustment and the fuel stabilisation fund.
However, 30 days for adjustment was inadequate as retail petrol prices were higher than the world prices in the past month but dealers were unable to adjust fuel prices.
In the past months, the petrol price stabilisation fund solely operated on money collected from each litre of petrol sold. Of this, customers contribute about VND300 (1.4 cents) for each litre of gasoline they purchase to the fund.
The Ministry of Finance (MoF) allowed petrol dealers to use sources from the fuel stabilisation fund to offset their losses incurred by a fluctuation of the global oil prices. — VNS