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.

The ongoing short supply of gasoline on the local market is an unusual phenomenon, requiring higher responsibility from the relevant ministries and agencies, National Assembly (NA) deputies told local reporters today, November 2.

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.

The Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) are working around the clock to bring down petrol prices in the domestic market, according to the two ministries.

In recent days, many petrol filling stations in the Mekong Delta region have closed and stopped selling, partly because of losses, and partly because of supply shortages, leading to the prospect of large-scale disruptions in the region.

The Ministry of Industry and Trade is committed to ensuring sufficient supplies of petroleum products for the domestic market.

Tran Nhu Nguyen waited nearly an hour to buy petrol for his motorbike at a station in HCM City's District 8.

The fuel price has been increasing over the last two months, dealing another blow to transport firms that have not recovered from Covid-19.

If petrol and DO prices continue to stay high, transport firms may have to reduce services and routes, or stop operation temporarily.

Statistics show that petrol prices in Vietnam are lower than in many countries and territories. However, but people complain that the prices are too high.

Only 20-30 out of 16,000 filling stations nationwide have stopped selling petrol amid reports that fuel was running out, which has prompted people to rush to buy petrol for hoarding.

On February 21, petrol prices set a new record after the Ministry of Industry and Trade and the Ministry of Finance decided to increase the price of all kinds of petrol and oil.

The Ministry of Industry and Trade has consulted with the Ministries of Finance and Planning and Investment over a plan to auction more than 100 million liters of RON92 gasoline, which is used to produce bio-fuel E5, in the national reserves.

Domestic petrol prices have hit an eight-year record high following the latest price adjustments made on February 21, dealing a heavy blow to ongoing recovery efforts of firms that have borne the brunt of the prolonged COVID-19 pandemic.

Oil prices have increased sharply in recent days following the tension between Russia and the West over Ukraine. The high price of oil and fears of an escalation of war have hit commodity and financial markets.

The Ministry of Industry and Trade will launch unannounced inspections of major oil and petroleum suppliers amid fluctuations facing the fuel supply chain.

The rising global oil and gas prices will affect domestic production as oil and gas cost makes up around 3.52 percent of the economy's total production costs, thus pushing up product prices.

Domestic petrol prices hit an 8-year high after the Ministry of Industry and Trade (MoIT) adjusted the retail prices up by around 3.9 per cent on Friday – its third consecutive increase this year and the fourth in a row.

The Ministry of Industry and Trade has set up a business activity task force to prevent petroleum speculation.