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According to the October report of the domestic market management group, the Russia-Ukraine conflict, along with oil and gas embargoes imposed by the United States and EU countries on Russia, and the export ban on more than 200 Russian products have all seriously impacted commodity supplies and prices, especially those of petroleum.
Energy price hikes are also being impacted by OPEC’s decision to cut production starting this month, China's prolonged zero-COVID policy, the upcoming winter weather, the strength of the US dollar and interest rates raised by central banks to control inflation.
As a result, on October 21, Brent oil reached US$93.50 per barrel and US crude oil (WTI) US$85.05 per barrel. On average, the October prices of Brent and WTI oil increased by 3.1 percent and 3.8 percent respectively compared to the September average.
Vietnamese authorities and enterprises are making an effort to stabilize petroleum supply. “Now, the partial shortage of petroleum at retail stations in the south has gradually improved compared to late September and early October. There are no signs of petroleum speculation,” according to the group’s report.
Easing business difficulties
Regarding the high petroleum prices, the MoIT has requested the MoF to review and recalculate costs in the basic prices of petroleum products, ensuring precision and harmonization of interests among market participants.
The MoIT also proposed that the SBV direct commercial banks to help petroleum firms in securing lines of credit, preferential interest rates and foreign currency rates to help them import or buy gasoline from domestic production sources, ensuring supplies to the market.
Regarding loans, the SBV asked commercial banks to report on credit provided to petroleum enterprises and possibilities to extend loans in the coming period. Based on the reports, the SBV will make policy adjustments in accordance with requirements, contributing to stabilizing petroleum supplies, stabilizing the macro-economy and achieving the Consumer Price Index targets.
Domestic Markets Department Director Tran Duy Dong added that at a recent meeting with the MoF’s Price Management Department, participants proposed that in case of abnormal price fluctuations, the MoF would consider an early review of costs, instead of the current semi-annual review to allow businesses to make early price adjustments. The MoF agreed with the proposal.
| In order to stabilize the market as well as the supply of petroleum, the MoIT has continuously held meetings with major petroleum businesses to listen to their difficulties, as well as proposals on resolving them. |
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