The ministry has just publicized the names of seven petroleum businesses whose operating licenses were suspended in July. They comprise Hung Phat Production and Trading JSC, Hoang Khanh General Trading and Service Co., Ltd, Saigon Trading Corporation, Xuyen Viet Oil Tourism and Trading Co., Ltd, Phuc Lam Fuel JSC, Phuc Loc Ninh JSC and Vinh Long Petro Petroleum Co., Ltd.

Their operating licenses will be suspended for one to two months, depending on the severity of their violations.

The main reason for the suspension is inadequate conditions for petroleum trading, such as the shortage of stores, agencies, warehouses, and appropriate means of transportation according to the regulations on petroleum import and export.

The leader of the Domestic Market Department said the handling of these violations was included in the results of the inspection of the key import and export petroleum businesses.

In February, Minister of Industry and Trade Nguyen Hong Dien established a team to examine the planning of petrol and oil businesses and traders, import and export licensing procedures, the manufacturing licensing process and the petroleum business activities of key enterprises.

The inspection team also required a report on the process of using the Petroleum Stabilization Fund and the shortcomings of the fund. Moreover, the listing of the selling price and the control of the petroleum price must be reported in detail.

The price of petroleum products has recently declined for the fifth time after a dramatic increase.

After the adjustment on August 11, the selling prices of E5 RON 92 and RON 95 are VND23,720/liter and VND24,660/liter, respectively. Kerosene costs VND23,320/liter, while fuel oil is VND16,540/kilogram.

Source: Saigon Times