Enterprises import enough oil to meet country’s needs

Domestic businesses are scheduled to import nearly 2.2 million cubic meters of petroleum and oil in May and June to meet the demand of the market, said the Ministry of Industry and Commerce (MoIC).

Also according to MoIC, in spite of record world petroleum and oil prices, slow advance and compensating for losses and a low lending credit rate, businesses still ensure petroleum and oil import and reserve.

In the first four months of 2008, total petroleum and oil import volume will be 5.2 million cubic meters, an increase of 11 percent on year, according to figures from domestic petroleum and oil importers.

Oil price has continued to hit record highs over the past time. Compared to last year the oil price increased 77 percent while domestic petroleum and oil prices remain unchanged. At present, the State has to compensate losses for petroleum and oil business to the tune of nearly 1 trillion VND monthly. (CPV)