The Department of Domestic Market Management and Development under the Ministry of Industry and Trade has worked with 26 petroleum wholesalers, uncovering violations and imposing penalties on three major players for failing to maintain mandatory reserve levels. Each company was fined VND130 million (US$5,200). Signs of potential stockpiling have also emerged.

According to the department, during a supervision campaign on fuel supply and circulation reserves from March 11 to March 31, authorities conducted inspections and working sessions with 26 petroleum wholesalers.

Through these reviews, regulators detected violations, carried out verification procedures, and issued administrative penalty notices against three wholesalers: Hai Duong Petroleum Materials Joint Stock Company; Vietnam Oil Corporation - Joint Stock Company (PVOIL); and Vinh Long Petro Company Limited.

These firms were found to have either failed to maintain the required minimum petroleum reserves or kept stock levels below the mandated threshold.

Beyond the sanctioned cases, the department is continuing to work with five other wholesalers showing signs of violations related to minimum reserve requirements. In one instance, there are indications of stockpiling behavior, which authorities are now prioritising for further investigation and clarification in accordance with legal provisions.

The Department of Domestic Market Management and Development emphasised that strengthening inspection, supervision, and strict enforcement against violations is a key measure to reinforce discipline in the petroleum business. The move aims to ensure stable supply and safeguard national energy security.

Tam An