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

The team is led by the Ministry of Industry and Trade’s Chief Inspector Le Viet Long and representatives from the ministry’s agencies. 

Petrol stations in the southern region, including Vinh Long and Soc Trang provinces experienced spot checks on Thursday.

A petrol station run by Huu Loc Ltd Co. in Soc Trang was found hoarding 7,000 litres of E5 RON 95.

The team will continue inspections into petroleum retailers and wholesalers nationwide. The Ministry of Industry and Trade will co-operate with and instruct localities to strictly deal with violations.

HCM City’s Department of Industry and Trade also started inspecting petroleum stations this morning. Inspection teams shall make a record of administrative violations while conducting the checks and they will seal and confiscate documents and materials related to any violations as well as suspend illegal activities and impose sanctions on violators.

Lots of petrol stations in many southern cities and provinces have temporarily suspended sales following a move by the country’s largest oil refinery at Nghi Son to cut production capacity.

The refinery accounts for about a third of the country’s output.

Source: Dtinews

Fuel supply: retailers deny hoarding products for speculation purposes

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

Warning: Exhausted oil fields

In the 2016 - 2020 period, Vietnam’s crude oil production reached 61.24 million tons. The oil was supplied to the Dung Quat Oil Refinery and exported to countries such as Japan, South Korea, Malaysia, Thailand, China, and Australia.