Prime Minister Pham Minh Chinh has directed ministries and agencies to ensure there is no shortage of energy, particularly petrol, under any circumstances, while chairing a Government meeting in Hanoi on March 21.
The meeting reviewed the Government’s response since late February to an energy crunch triggered by developments linked to the Middle East conflict, as well as the implementation of the Politburo’s Conclusion No. 14 issued on March 20 on energy supply security and fuel price stabilization.
Among key tasks, the Ministry of Industry and Trade was instructed to closely monitor and forecast global and domestic fuel market trends, assess supply-demand balances and prices, and develop appropriate response scenarios within its authority.
The ministry was also asked to coordinate with the Ministry of Finance and other relevant bodies to accelerate the replenishment of national petroleum reserves and improve mechanisms for emergency releases in line with the law on national reserves. In the longer term, it is required to plan and build a strategic fuel storage system.
The Ministry of Finance was tasked with deploying fiscal and price-management tools, tightening oversight of the petrol price stabilization fund, and formulating a national strategy for the supply and stockpiling of essential raw materials and fuels in both the short and long term.
Meanwhile, the Governor of the State Bank of Vietnam was instructed to direct credit institutions to facilitate access to loans, preferential interest rates, and foreign currency for petrol firms to support imports, storage, and distribution in accordance with regulations.
The Prime Minister also called on relevant ministries to step up engagement with foreign partners to secure stable supplies of raw materials and fuels for domestic production.
Authorities were further ordered to strictly tackle hoarding, price manipulation, profiteering, smuggling, and other violations in fuel trading and pricing, while encouraging individuals and businesses to save energy and prioritize public transport, electric vehicles, and biofuels.
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