Tuesday, March 28, 2023 6:10:13 PM - Markets open
VN-INDEX 1,054.29 +2.04/+0.19%
HNX-INDEX 205.76 -0.91/-0.44%
UPCOM-INDEX 75.58 -0.10/-0.13%
MoIT orders inspections of gas stations suspending operations
Vietnamnews - 11/7/2022 9:22:09 AM
 (0 ratings. You must sign in to rate.)
 The Ministry of Industry and Trade (MoIT) has ordered market surveillance forces to inspect petrol stations that have suspended operations and strictly deal with violations.
Minister of Industry and Trade Nguyễn Hồng Diên on Saturday signed a directive to enhance inspection and handling of violations in petrol trading. According to the order, inspection teams will have to determine the reasons for the suspension of gas stations, and propose measures against those infringing fuel trading rules.
In addition, the market surveillance force requires businesses and petrol and gas stations to operate according to the content of the certificate of eligibility for petrol and oil trading that has been granted, ensuring the supply of petroleum supply in their area.
The minister requested that the head of the market surveillance force take full responsibility for directing and organising the work of supervision, inspection, and strictly handle cadres and civil servants with loose management, covering up and abetting violations in the petroleum business.
During the question session on Saturday morning at the fourth session of the 15th National Assembly, Diên said that the supply is increasingly scarce as Europe increases the purchase of petroleum products. The exchange rate of the strong currency to import gasoline has increased, making it difficult for importers. Access to foreign currency to ensure payment and distribution also faces difficulties because many enterprises do not meet the conditions for loans and bank guarantees.
Many residents in big cities such as Hà Nội, HCM City and the Mekong Delta have had difficulties buying gasoline as stations were shut, affecting daily life and business operations. One reason for the suspension was they were suffering losses from price differences.
In compliance with the Prime Minister’s Official Dispatch 1039/CD-TTg issued on November 2, the ministry has ordered the market surveillance agencies nationwide to keep inspecting fuel trading operations, tackling violations and coordinating with the local departments of industry and trade to monitor the fuel trading systems.
The Ministry of Finance on the same day consulted on adjusting the cost of importing gasoline to Việt Nam, and receiving support from MoIT. It is expected there will be an appropriate adjustment on November 11. 
According to the minister, domestic petroleum production meets about 80 per cent of demand, but more than half of crude oil still has to be imported. More than 20 per cent of finished petroleum products must be imported from abroad, so the fuel supply is still affected.
Domestic petroleum production and imports have reached 86 per cent of the plan so far, causing a shortage of about 18,000-19,000 cu.m. The ministry has coordinated with other ministries and agencies to increase the average annual output by 20 per cent, which will be enough to meet demand.
The MoIT would propose to half the gap between gasoline price adjustments from 10 to five days to address price fluctuations.
Currently, Vietnamese authorities typically adjust fuel retail prices every 10 days, based on the average prices of the previous 10 days.
However, many National Assembly delegates said the cycle is no longer suitable as it leaves domestic prices 20 days outdated compared to global prices, which are unstable.
He said the ministry would submit a proposal to the Government to shorten the gap between gasoline price adjustments to five days or even daily if it receives support from the public.
Responding to the idea that the MoIT has issued licenses freely, with a total of 36 key fuel distributors, the minister said that the opinion of the ministry was not to grant more licenses. It is necessary to rearrange the system, from focal points to agents and retailers, to reduce the hierarchy.
In Việt Nam, there are 36 suppliers who either import gasoline from other countries or source from the two domestic refineries Dung Quất and Nghi Sơn, 500 distributors, and 17,000 gas stations.
Prime Minister Phạm Minh Chính, at the National Assembly’s Q&A session on Saturday, instructed these ministries and agencies to quickly solve shortcomings and ensure sufficient fuel supply for daily life and production under any circumstances. VNS
Read original article here
Newer News
16:47 Việt Nam's foreign investment plunges 39 per cent in Q1
27/03 Việt Nam's retail market proves attractive for foreign investors
24/03 Steel price rises despite falling demand
24/03 Health and vehicles to be main growth drivers for non-life insurers in 2023
24/03 Conference to promote trade and cooperation between Việt Nam and Mexico
22/03 Investors voice concerns over unresolved pricing for renewable projects
21/03 US businesses exploring investment, business opportunities in Việt Nam
21/03 Imported cars should be included in registration fee reduction scheme
20/03 US businesses exploring investment, business opportunities in Việt Nam
17/03 Trade recovers strongly since reopening
Older News
07/11 Pessimistic outlook for maritime transport firms amid weak demand
24/10 Economic recovery plan to boost national growth
24/10 Vietnam to experience import, export difficulties by end of year: MoIT
24/10 Fishery sector takes various measures to get EC yellow card removed
24/10 Growth room for top technology enterprises
19/10 Việt Nam shines amid global economic volatilities
12/10 GMD: Shipping has peaked but port operations still grow: Gemadept
07/10 Rubber exports affected by decreasing demand
07/10 Việt Nam's GDP projected at 7% in 2022: AMRO
04/10 Việt Nam performs well in 9 months but needs to watch for pressure ahead
Newsletter Signup
Top Stories
VN-Index extends its long winning streak
Steel price rises despite falling demand
Central bank makes first rate cut since 2020 to support economic growth
Domestic investors open less than 100,000 new accounts in the first 2 months
MSN: Masan secures up to $650m syndicated loan, redeems $126.3m bonds
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,054.29 +2.04/+0.19%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.