Vietnam to Build Gasoline Retailer Network by 2020

The Ministry of Trade and Industry has requested provincial and municipal departments of trade, and trade and tourism to outline schemes on development of gasoline retailer network by 2020, the Dau Tu (Investment) reported November 7.

 

The schemes should be pursuant to the Decision No. 27.2007/QD-TTg of the Prime Minister on domestic trade development plan through 2010 and span to 2020, and decree No. 55/2007/ND-CP on gasoline trading, the ministry said.

 

The schemes, which were issued before the issuance of the decree No. 55/2007/ND-CP, must be amended and supplemented, it noted.

 

Despite soaring price hikes in the global oil market, the Vietnamese government will continue its subsidiary for petroleum sector to compensate for gasoline traders’ losses to keep pumping prices stable from now till the end of the year in a bid to curb national growing inflation, which rose 8.12 per cent on-year since the beginning of this year.

 

The Ministry of Trade and Industry said Vietnam will need 13.3 million metric tons of petroleum products to meet its energy demand in 2007, up over 20 per cent on year, including 4 million tons of petrol.

 

Vietnam was estimated to have imported 9.2 million metric tons of petroleum products valued at US$5.11 billion from January to September, up 8 per cent on-year in volume term and 9.4 per cent in value term, the General Statistics Office (GSO) said. (Investment)