Vietnam's Domestic Market Management and Development Department, under the Ministry of Industry and Trade, has penalized three key fuel traders for violating regulations on mandatory reserves. The department conducted inspections of 26 key traders from 11/3 to 31/3 to monitor their fuel supply and circulation reserves.
Authorities identified three entities that failed to maintain the stipulated minimum reserve level. Hai Duong Petroleum Materials Company, Vietnam Oil Corporation (PVOil), and Vinh Long Petro Petroleum Company were each fined 130 million VND. A Ministry of Industry and Trade representative confirmed, "These businesses either did not maintain or maintained fuel reserves below the minimum required level."
Beyond these penalties, the Domestic Market Management and Development Department is investigating five other key traders for similar potential violations regarding minimum reserve levels. Some of these cases show signs of hoarding, which are currently being verified and clarified for further action. These intensified inspections come as the domestic fuel market faces significant instability due to fluctuations in the Middle East.
Since late February, domestic retail fuel prices have undergone 16 adjustments. A liter of RON 95-III gasoline currently costs 23,760 VND, while diesel is 31,040 VND. Previously, prices for these fuels peaked at nearly 34,000 VND and 45,000 VND per liter, respectively. Addressing a socio-economic discussion last week, Minister of Industry and Trade Le Manh Hung noted that the conflict in the Middle East has triggered the largest global energy crisis since 1970, significantly impacting Vietnam.
Minister Hung emphasized that the current operational objective is "to ensure energy security." This involves guaranteeing sufficient supply and public access to fuel, while minimizing impacts on the macroeconomy. To achieve this, the regulator has implemented a synchronized set of five solutions, successfully increasing the number of circulation reserve days from 15 to 26.
By Phuong Dung
