The Ministry of Industry and Trade has instructed strict monitoring of the minimum fuel supply levels for 2024 set for fuel traders to prevent shortages and disruptions under all circumstances.

Minister of Industry and Trade Nguyễn Hồng Diên has signed Directive No. 01/CT-BCT to implement the Prime Minister's Dispatch No. 1437/CĐ-TTg. This directive focuses on ensuring sufficient fuel supply for production, business, and consumption by citizens and businesses.

Managing Fuel Prices in Line with Global Trends

The Minister has instructed the Domestic Market Department to closely monitor the implementation of the minimum fuel supply levels for 2024 by fuel traders. The department is required to regularly inspect, supervise, guide, and timely adjust the distribution of the total fuel supply according to market conditions and the needs of production, business, and consumer demands to ensure there are no shortages or disruptions in the fuel supply. This is to meet the economy's demands and societal consumption needs.

Additionally, the Minister directed fuel traders, businesses, and retail outlets across the country to develop scientifically sound, reasonable, and feasible business plans to ensure adequate fuel supplies meet market demands. They must allocate sufficient staff, organize shifts or overtime to maintain continuous sales, especially before, during, and after the Lunar New Year.

The Domestic Market Department must coordinate with relevant units from the Ministry of Finance to manage fuel prices according to global trends and domestic supply and demand, adhering to legal regulations and market signals. This approach is intended to balance the interests of the government, businesses, and consumers while promoting economic growth, maintaining macroeconomic stability, controlling inflation, and ensuring major economic balances.

Furthermore, coordination with the State Bank of Vietnam is required to propose solutions to support fuel traders and distributors in accessing capital and ensuring fuel supply for the domestic market.

The Ministry of Industry and Trade's leadership emphasizes that the Domestic Market Department must work with the State Capital Management Committee, Vietnam Oil and Gas Group, the Oil and Gas Department, and related agencies to develop plans for determining domestic fuel production volumes. This will help balance import fuel sources in the future and ensure continuous supply without disruptions.

Ensuring Continuous Fuel Supply

In the directive, the Minister has assigned the General Department of Market Surveillance to continue strictly following the Ministry's directives on increasing inspections and promptly addressing violations in fuel trading.

The directive also instructs provincial and municipal Market Surveillance Departments to cooperate with the Department of Industry and Trade and local authorities to implement measures, plans, and conduct regular and unexpected inspections of fuel trading activities. This includes addressing violations such as hoarding in anticipation of price increases, smuggling fuel across borders, and other infractions.

Local People's Committees are instructed to oversee and coordinate with relevant agencies and forces in inspecting, supervising, and monitoring fuel trading activities within their jurisdictions. They should facilitate fuel transportation, distribution, and ensure security and order.

Provincial Departments of Industry and Trade must work with local units to guide procedures and facilitate fuel trading activities. They must monitor local fuel trading, ensure compliance with legal regulations, and oversee fuel quality and retail prices at fuel stations.

Fuel traders are required to comply with legal regulations and ensure that the minimum fuel supply levels for 2024 are met to guarantee continuous supply to customers.

"Absolutely ensure no disruption in the fuel supply chain. Under all circumstances, sufficient supply must be provided to retail outlets within the distribution system to maintain continuous sales, meeting market demands. Adequate staffing and organizing shifts or overtime are necessary to maintain regular sales, especially before, during, and after the Lunar New Year," the directive emphasizes.

Source: Vietstock