Prime Minister Pham Minh Chinh has issued a dispatch directing relevant ministries and agencies to take measures to ensure the supply of petroleum products for production and trade activities and people’s daily life.

The dispatch said the global situation is forecast to continue being complex and unpredictable while strategic competition between major economies will become fiercer and conflicts in Ukraine and the Gaza Strip will be ongoing, posing the risk of disruption to supply chains, international trade, and global energy flows. Meanwhile, oil output cuts by OPEC+ and reductions to the US’s fuel storage have affected price and supply in global and domestic markets.

In order to ensure fuel supply, Prime Minister Chinh asked the Ministry of Industry and Trade to effectively implement State management activities over oil and petroleum products and to regularly check and guide the allocation of petroleum and oil sources in line with market development, production, and trade as well as consumption.

The ministry was instructed to direct petroleum businesses and retailers to prepare trading plans for petroleum products to ensure sufficient supply to meet market demand, particularly during the upcoming Tet (Lunar New Year) holidays.

He ordered relevant ministries and agencies to ensure there are no fuel shortages or disruptions to supply chains in any circumstances, and to meet the demand for fuel in the economy and private consumption.

The Prime Minister also requested that petroleum and oil companies prepare production plans to ensure the production and storage of products to guarantee supply.