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Update news petrol prices
According to MoIT, shorter price cycles are better at keeping domestic prices closer to the global oil prices, even during holidays (except Tet) to minimise the risk of market disruptions.
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.
Gas stations closed for petrol shortage, street petrol vendors rampant in Hanoi
It is common to see makeshift petrol stalls on Hanoi pavements as petrol stations have temporarily shut or restricted sales, citing tight supplies and loss-making operations.
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.
Petrol price stabilisation fund proposed to be maintained: NA meeting
The Government proposed the operation of the petrol price stabilisation fund should be maintained because it remained an effective tool to regulate petrol prices.
Insufficient gasoline supply in HCM City occurs again
From 10 a.m. on October 31, the scene of people waiting in line to buy gasoline happened again in the inner city and the suburbs of Ho Chi Minh City. Some gas stations said they ran out of fuel or sold gasoline at a limit.
Govt to inspect fuel traders, refineries after retail market turbulence
The Government Inspectorate has decided to launch inspections of 15 major fuel trading companies and two oil refineries following the recent fuel retail market chaos in multiple southern provinces, the local media reported.
Long lines of motorbikes still seen at many petrol stations in HCMC
After the adjustment of gasoline prices, long lines of motorbikes were still seen at many petrol stations in Ho Chi Minh City to fill their vehicles up.
Vietnam spends over US$6.8 billion importing petroleum over nine months
The past nine months of the year saw Vietnam import over 6.5 million tonnes of petroleum worth US$6.833 billion, up 22.7% in volume and 131.8% in value year on year, according to the General Department of Vietnam Customs.
More gas stations shut down as supply remains tight
The number of gas stations that have so far suspended operations due to a supply shortfall has risen to 121 from 54 on the previous day, said a report which the HCMC market surveillance agency released on October 10.
People queue to buy petrol amid serious shortages in HCM City
Many people had to queue for long hours on Sunday evening in HCM City as local petrol stations announced they would run out of fuel.
Supply shortfalls force 54 gas stations to close in HCM City
HCMC had seen 54 gas stations suspending operations by Sunday night, October 9, due to fuel supply shortfalls, according to a report by the HCMC market surveillance agency.
HCMC’s gas stations suspend gasoline sales due to fuel shortage
Some 24 gas stations in HCMC have reported fuel shortages and temporarily stopped selling gasoline on October 7, according to the HCMC Department of Market Management.
Petrol and oil price stabilisation fund requires thorough appraisal
The Government needs to carefully evaluate the effectiveness of the petrol and oil price stabilisation fund in keeping the commodity’s retail prices stable before deciding to maintain or eliminate the tool, experts said.
Volatility forces balancing act for Vietnam’s petrol market
Amid the continuously fluctuating prices for oil and gasoline, Vietnam is injecting millions of US dollars into the import of these commodities while inadequacies in the domestic market have not yet been resolved.
Ministry proposes tariff cuts to bring down petrol prices
The Ministry of Finance (MoF) has proposed a reduction of the most favoured nation (MFN) tariff on a number of petrol products widely used in industrial production from 20% to 10% in an attempt to bring down the economy's input cost.
Seven petroleum wholesalers’ licenses suspended
The Ministry of Industry and Trade suspended the operating licenses of seven key petroleum import and export businesses after inspecting 33 wholesalers in February this year.
Retail oil and petrol prices fall for fifth consecutive time
Vietnam decided on Thursday to further lower retail prices of oil and petrol on Thursday, the fifth consecutive time since late June.
Market prices stay high despite sharp falls in petrol prices
The nation has seen food prices remain stubbornly high despite the recent sharp decline in gasoline prices.
