Motorists buy petrol in Ha Noi. The Ministry of Industry and Trade has set minimum petrol import quotas for two new wholesale distributors in a move to ensure sufficient supply. — VNA/VNS Photo Minh Quyet

HA NOI (Biz Hub)— The Ministry of Industry and Trade on Sunday imposed minimum petrol import quotas for two new wholesale distributors,to ensure sufficient supply for the year.

The Trading and Transport Materials Import Export Joint Stock Company in northern Hai Phong Port City and the Hung Phat Trading Co in central Quang Binh Province will import a minimum of 30,000cu.m of petrol this year in accordance with their licences as wholesale distributors.

The ministry said the importers would not be allowed to import less than the allocated minimum quota in order to ensure a well-regulated supply and maintain minimum reserves.

The country has around 15 petroleum wholesale distributors currently.

Earlier this year, the leading national petrol distributor, Petrolimex, was granted the largest import quota and must import a minimum of 5.18 million cubic metres of petroleum products.

PetroVietnam Oil Corporation (PV Oil) has the second highest quota of one million cubic metres, with Saigon Petro required to import 536,000cu.m.

Petrol wholesalers wanting to adjust their allocated quotas are required to report to the ministry before September 30.

Fuel imports in the first eight months of the year declined 27.4 per cent to US$4.6 billion, according to the General Department of Customs.

The ministry last year cut import quotas for 10 distributors as the economic slowdown depressed domestic demand. The quota for Petrolimex went from 5.8 to 4.9 million tonnes, while PV Oils quota was lessened by 336,000 tonnes and Petecs by 315,000 tonnes.

Fuel imports last year reached more than 8.8 million tonnes, with a value of $8.6 billion; down $953 million from the previous year, according to customs figures. — VNS