return icon

Petrol retailers demand major changes

Retail petroleum businesses have asked to stop contributing to the petrol price stabilisation fund, increasing the commission to reduce losses and permanently withdrawing the licence of unprofitable retailers.

On August 29, a total of 25 retail petroleum businesses in HCM City signed a document with recommendations sent to the Ministry of Industry and Trade (MoIT), the HCM City's People's Committee, the city Department of Industry and Trade and related bodies outlining their concerns.

The 25 co-signees asked if the petroleum stabilisation fund in the period was working effectively. For the fund, petroleum companies must contribute VND500 for every litre of gasoline, kerosene, diesel, and related products sold.

The businesses consider that the commission per litre of petrol of only up to VND200 is insufficient for such contribution and to maintain business activities. At the same time, the cost of space, transportation, warehousing, staff, electricity and water has remained high.

The document said petrol and oil retailers had suffered heavy losses, adding: "The more we sell, the more we lose. But as the dealer, we still have to sell gasoline because if we close, the authorities will withdraw our licences."

As a result, they suggested that the State withdraws from the petrol price stabilisation fund because it was not in line with the Government's purposes and led to unstable in price management.

The document also asked about the regulation to keep private retail stores with continuous losses from closing their businesses.

"The State needs to permanently withdraw the licence of companies that do not comply with regulations on energy security," the businesses proposed.

Regarding the retail price mechanism, the enterprise recommends that the focal enterprise discount the commission by at least VND600-800 per litre for retail stores to maintain operations and shorten the price management time within 24 hours, including holidays.

Currently, each retail business can only sign a contract with one key enterprise when there is an incident, and the retailer is not permitted to take goods from another.

Therefore, these businesses proposed to the authorities to let retail stores sign contracts with many key companies to increase competitiveness and ensure demand is met.

August 30, the Vietnam Petroleum Association asked the MoIT to increase the gasoline prices on September 1 to ensure supply and reduce difficulties for businesses.

The association said that the total domestic petroleum supply was still sufficient to meet consumer demand, despite world price of petroleum products continuing to increase, especially for diesel products.

It forecast petrol prices would increase sharply as currently, the average cost of finished gasoline in the Singapore market is higher than the retail price of petrol in the country, about VND 150-300 per litre.

Since the beginning of the year, the domestic petrol price has undergone 22 adjustments, including 13 increases and eight decreases. The retail gasoline price is currently the same as at the end of January.

During the most recent operating period, the gasoline price remained unchanged while the oil price was adjusted. Accordingly, gasoline E5 RON 92 remains the same, and the selling price will not exceed VND23,725 per litre, with the RON95 gasoline price kept at VND24,669 per litre. — VNS


Two broken undersea cables linked to Vietnam to be fixed

Two among four broken undersea cables linked to Vietnam are scheduled to be fixed in March and April this year, reported the local media.

Northern region to see humid weather until April

The northern region of Vietnam will continue to experience humid weather until April, according to Nguyen Van Huong, head of the weather forecast division under the National Centre for Hydro-Meteorological Forecasting.

Vietnam works to ensure safer internet environment for all people

Deputy Minister of Information and Communications Nguyen Huy Dung emphasised the importance of a safe internet in the development process in Vietnam on the occasion of World Safer Internet Day 2023 (February 7).

Vietnamese striker Huynh Nhu performs well at Lank FC

On average, Vietnamese striker Huynh Nhu scores a goal every 122 minutes, ranking as the most effective striker for Lank Vilaverdense FC in the 2022-2023 football season.

PM Chinh’s Singapore, Brunei visits look toward cohesive ASEAN

Prime Minister Pham Minh Chinh’s upcoming official visits to Singapore and Brunei carry the message of joining hands for a cohesive ASEAN and a peaceful, stable, and prosperous Southeast Asia, Deputy Minister of Foreign Affairs Do Hung Viet said.

Driving training-testing establishments in 63 provinces to be inspected

The Ministry of Transport will set up three teams to inspect driver training and testing activities in 63 provinces and cities, expected to be completed by April 15.

Vietnam’s economy to “normalise” this year: VinaCapital

Investment management firm VinaCapital said it expects Vietnam’s economy and stock market to “normalise” this year after the COVID-19 pandemic.

Seven more Vietnamese officers to join UN peacekeeping mission in Africa

Seven officers received the Vietnamese State President's decision to join the United Nations peacekeeping mission in the Central African Republic, South Sudan and Abyei on February 7.

British naval patrol vessel pays friendly visit to HCM City

HMS Spey, the British Royal Navy’s offshore patrol vessel, anchored at Ho Chi Minh City’s port on February 7, beginning a five-day friendship visit to the city on the occasion of the 50th anniversary of diplomatic relations between the two countries.

Hoang Anh Gia La FC files  lawsuit against VPF

The People's Court of Nam Tu Liem District in Hanoi received a petition from Hoang Anh Gia Lai (HAGL) football club against the Vietnam Professional Football JSC (VPF).

Illegal fishing tackled with drastic measures to remove 'yellow card'

The Government, ministries and local authorities have been improving legal enforcement, supervision on the implementation of the law and traceability requirements through heavier fines on illegal fishing.

National water resources master plan looks to revive polluted rivers

Hanoi has treated water pollution at Nhue River, but the plan has not met the requirements. Meanwhile, urban area design plans along Lu and Set rivers in Thanh Xuan District are still under construction.


Vietnam sets 2023 export target of US$394 billion

Trade ministry to support enterprises in boosting exports

The Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) will collaborate with relevant agencies in carrying out measures to help enterprises expand their shares in foreign markets, said Vu Ba Phu, head of the agency.

Vietnam's textile industry faces headwinds in 2023 after poor results in Q4

After being heavily impacted by the COVID-19 pandemic, textile and garment enterprises have gradually recovered and were one of the key export industries that recorded extraordinary growth rates in the first months of 2022.