Reporting at the conference, Nguyen Thuy Hien - Deputy Director of the Department of Domestic Market Management and Development said that in the first 6 months of 2025, the total supply of petroleum to the domestic market reached 13.86 million m³, equivalent to 47% of the total minimum output allocated for the whole year. Domestic petroleum prices have been adjusted 24 times, decreasing from 2.97% to 7.02% compared to the beginning of the year, contributing to controlling inflation and reducing input costs for production and business.
The two main oil refineries, Binh Son and Nghi Son, are both operating at over their designed capacity, ensuring a stable supply. Of which, Binh Son Refinery and Petrochemical Plant maintained a capacity of 114-115%, estimated at 8.8 million m³ in the last 6 months of the year. Notably, the enterprise has proactively supplied crude oil until the end of the year without depending on the Middle East region - a place with many potential geopolitical risks.
At the conference, representatives of key enterprises and industry associations also recommended early completion of the new Decree on petroleum trading, reducing unreasonable technical standards, facilitating production and circulation of goods in the context of increasingly fierce competition.
Concluding the conference, Minister Nguyen Hong Dien emphasised three major goals in the last 6 months of the year: ensuring sufficient supply in all situations; maintaining stable prices, closely following the world market and stabilising the distribution system, harmonising the interests of all parties.
To realise the above goal, the Minister requested the units under the Ministry to focus on implementing five key groups of tasks, emphasising the review of policy mechanisms, flexible price management, strengthening supervision of distribution activities and urgently presenting a roadmap for the use of biofuels. At the same time, oil refineries have been asked to operate beyond their design capacity, ensuring sufficient output for domestic demand.
The Minister also requested the State Bank and the Ministry of Finance to coordinate with the Ministry of Industry and Trade to study a credit support mechanism so that reserve petroleum can become collateral, helping key enterprises maintain mandatory reserves in accordance with regulations.
