Petrol importers vow to meet demand

14/05/2008 -- 10:47 AM

Hanoi (VNA) – Petroleum importers will bring in 2.18 million cu.m of petrol in May and June to meet domestic demand, according to Ministry of Industry and Trade projections. Importers reported importing 5.25 million cu.m of petrol in the first four months of the year, a year-on-year increase of 11 percent. The ministry said importers were ensuring timely and adequate imports to meet domestic demand at a time when world oil prices were rising dramatically and in spite of the fact that State compensation was slow for petrol importers losing money under current price controls. World oil prices reached 126 USD per barrel on May 12, 77 percent higher than one a year ago. High prices at the nation’s petrol pumps have also depressed retail demand by about 30 percent in the first four months of the year. Petrol importers, meanwhile, have lamented about large losses because they have to sell products at below cost. Saigon Petro deputy director Le Thi Anh Man said her company was losing 2,500 VND per litre for diesel and 1,000 VND per litre of petrol, with total losses for her company in April alone of nearly 20 billion VND. Petrol importers said they were facing a shortage of capital to finance imports during a time of tightened credit. Petrolimex said it has had to expand its sources of financing for imports by about 40 percent since last year.-Enditem
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