fuel market

Update news fuel market

The discount rate depends on many factors, including supply and demand, competition, enterprises’ financial situation and inventory levels.

Petrol retailers rue continuing hardship

Petrol retail enterprises have struggled to keep their operations profitable as disruptions in the supply chain continue to persist.

Filling stations shut down as business no longer attractive

The time when people rushed to set up filling stations to earn big profits is  over. Many investors are intending to shut down stations because of losses caused by unreasonable discount rates.

Revoking licenses of petrol distributors will not affect fuel supply

Although petrol distributors are allowed to buy products from more than one wholesaler, when supply interruptions occur, the distributor system has often not ensured a sufficient supply for filling stations.

VCCI proposes allowing businesses to set fuel retail prices

The Vietnam Chamber of Commerce and Industry (VCCI) has written to the Government suggesting fuel retail prices be decided by businesses based on supply and demand to prevent fuel shortages.

Finance Ministry wants to stay away from fuel pricing role

The Ministry of Finance (MOF) has written to the Ministry of Industry and Trade (MOIT), saying it does not want to carry the ball over fuel pricing regulation.

Ministry calls for easing government control on fuel prices

The Ministry of Industry and Trade (MoIT) called for the fuel price cycle to be shortened from 10 days to 7 days, on Thursday every week (except for public holidays).

Petrol distributors receive licenses but fail to satisfy requirements

The Ministry of Industry and Trade (MOIT), which has finished the largest inspection ever of petrol distributors, said that many enterprises couldn’t satisfy requirements but were still allowed to distribute products.

Fuel shortages upset daily life in large cities

In 2022, Vietnamese for the first time witnessed an interruption of fuel supplies on a large scale, including in Hanoi and HCM City.

Finance Ministry propose fixed environmental fuel tax for an entire year

The Ministry of Finance has proposed the government set environmental fuel tax at its floor limit for another year.

Fuel supply estimated to surge 10-15% in 2023

The Ministry of Industry and Trade has drawn up two scenarios for the minimum fuel supply in 2023, requiring key fuel enterprises to increase the overall figure by 10-15% in 2023, according to the local media.

Vietnam spends US$7.74 billion importing petroleum products

Vietnam imported over 7.5 million tonnes of oil and petrol worth around US$7.74 billion as of mid-November, up 24.1% in volume and 122% in value year on year, according to the General Department of Vietnam Customs.

Nearly US$7.4 billion spent on fuel imports from Jan-Oct

Vietnam spent some US$7.4 billion importing 7.12 million tons of oil and gasoline products between January and October, up 22.7% in volume and 124% in value year-on-year.

Four rates of environmental protection tax on fuels proposed for 2023

The Ministry of Finance has proposed applying four rates of environmental protection tax on fuels in 2023 depending on global prices.

Fuel price cycle to be shortened, removed in the long run

The Ministry of Industry and Trade has proposed a new price mechanism to adjust fuel prices every 5 days instead of the current 10-day cycle, or possibly every day to finally address a number of issues that resulted in sporadic fuel shortages.

Gasoline market under pressure ahead of November 21 operating period

Due in part to Nghi Son Refinery & Petrochemical's financial and capital losses, people are still struggling to buy gasoline.

Fuel enterprises find it difficult to access foreign currency, credit sources

While fuel prices increase, and the USD/VND exchange rate climbs, many fuel enterprises face difficulties in accessing foreign currency and credit sources.

Hanoi's motorists queue at midnight to fill up

A recent fuel shortage in the capital has seen a number of gas stations close, with traders having problems securing petrol and complaining of heavy financial losses this year.

Tougher penalties against fuel hoarders, smugglers to be imposed

Under the Minister of Industry and Trade’s Directive, harsher penalties will be imposed on traders or businesses found engaging in price gouging, resorting to hoarding, and smuggling fuel.

Industry ministry orders inspections of gas stations suspending operations

The Ministry of Industry and Trade has ordered the market surveillance force to inspect those gas stations that have suspended operations and strictly deal with violations, if any, reported the local media.