Vietnam determinedly regulates petrol business activities

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Functional units in many localities yesterday continued to pay unexpected visits to gas stations in order to examine trading activities there and handle any possible hoarding, which is supposed to happen lately due to instability in input fuel price.

Vietnam determinedly regulates petrol business activities

The inspection team of the Market Management Unit of Binh Dinh Province paid an unexpected visit to a local gas station.

Director of the Vinh Long Province Department of Industry and Trade Pham Tu Phuong informed that the inspection team from the Ministry of Industry and Trade has just visited 10 gas stations here and discovered two closing down temporary due to empty inventory. The Department has also assigned its teams to check other stations for any potential hoarding activities to withdraw the business license.

Deputy Director of the Long An Province Department of Industry and Trade Duong Van Hoanh also reported the cooperation with the local Market Management Unit to unexpectedly visit many gas stations in the province. All have been in operation, with no sign of hoarding.

The An Giang Province Department of Industry and Trade said that there has been a shortage of fuel supply in the province recently, leading to limit of sales at various local gas stations.

Director of the Ho Chi Minh City Department of Industry and Trade Bui Ta Hoang Vu has just signed Decision No.25/QD-SCT regarding checking for the compliance with petrol business laws in the city, effective until December 31, 2022.

Accordingly, all fuel retailers in HCMC might face unannounced visits by functional agencies. If a law breaking activity is detected, the inspection team is allowed to make a report of administrative violation, seal and collect related documents or proofs, suspend illegal activities, impose a fine within its power, or propose to the authorities to handle the case as regulated.

Until now, there has been no law breaking activity among gas stations in HCMC yet. Most retailers store their goods according to regulation to sell for 30 days. Petrolimex, in particular, has an inventory for 45-60 days. Two out of 550 certified stations in HCMC closes down to fix their fire protection system.

Director of the Binh Dinh Province Department of Industry and Trade Ngo Van Tong informed that yesterday, his organization began to pay several visit to local gas stations until February 15. There has been no hoarding activity detected yet. A similar situation was reported in Ha Tinh Province.

Yesterday afternoon, the Ministry of Industry and Trade and the Ministry of Finance approved a retail petrol price increase by nearly VND1,000 per liter (US$0.044).

To support manufacturing and trading activities of businesses as well as daily activities of citizens, the Price Stabilization Fund for Gasoline and Oil Products has compensated VND200-400 per liter before Tet holiday. As the international fuel prices continue to witness a rise, this compensation has been adjusted to ensure the domestic price is proportional to the global one while still controlling inflation and ensuring market stabilization in 2022.

The price gap between E5 RON 92 (bio-fuel) and RON 95 stays reasonable to encourage the use of the former to protect the environment. In addition, the maintenance of fuel supply is supported via necessary imports so that the Price Stabilization Fund is not overly used and to have room for further fuel price management.

In related news, yesterday, Head of the Market Management Unit of Binh Dinh Province Tran Duc Tien reported that his organization is verifying the information provided by the news and local residents about Petrol Station No.24 in Phu My Town of Phu My District deliberately stopping its trading activities and chasing away its customers during heavy rain. The case was recorded by Ng.V.Th. from Quy Nhon City during Tet holiday, followed by his call to the hotline of Petrol Station No.24 and social media sharing.

Source: SGGP

The limited supply of fuel from NghiSon, the biggest refinery in Vietnam, is not causing the current petroleum shortage in the market, analysts say.

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