In the past four adjustments, domestic fuel prices have decreased four consecutive times. Despite ongoing global supply fluctuations in the final months of the year, the Ministry of Industry and Trade (MoIT) confirms that the domestic fuel supply remains ample, with sufficient inventory for the coming year.
According to a 7-month report from the MoIT released to the press on August 5, global fuel supply is expected to be highly volatile, affecting domestic fuel prices. Factors contributing to this volatility include the ongoing Russia-Ukraine conflict and continued tensions in the Middle East.
The MoIT forecasts that in the remaining months of 2024, these factors could lead to unpredictable global fuel supply and prices. However, the Ministry assures that the domestic supply, alongside imports, will remain adequate to meet demand.
Two domestic fuel refineries have reported plans to produce about 8.26 million tons, equivalent to 9.9 million cubic meters of various fuels, for the last six months of the year. Estimated fuel imports for this period are 4.5 million tons (approximately 5.4 million cubic meters).
Thus, the total supply from production and imports for the second half of the year will be around 12.76 million tons, equivalent to about 15.3 million cubic meters.
Meanwhile, the estimated consumption for the last six months of 2024 is only 13.2 million cubic meters (an average of nearly 2.2 million cubic meters per month). Therefore, according to the MoIT, the total fuel supply will still be in surplus, with an expected inventory of 1.8 to 2 million tons.
