TP HCM market management teams are actively monitoring gas stations around the clock to ensure stable fuel supply and prevent any instances of hoarding or profiteering. This intensified oversight comes amidst reports of sales volumes surging by 130-200% at various locations across the city.

Nguyen Tien Dat, Deputy Director of the TP HCM Market Management Department, announced this initiative at a meeting on the morning of 10/3. The meeting aimed to assess the current fuel and gas supply situation and to finalize solutions for ensuring energy security within the city.

Market management teams are assigned to directly monitor each retail store, meticulously recording inventory levels, sales volume, and any unusual fluctuations. This crucial data is compiled and reported daily to the Department of Industry and Trade, enabling timely coordination of supply. The agency maintains a 24/7 presence, supervising each store to promptly address any cases of hoarding or profiteering.

In situations where a store experiences a shortage, authorities will request specific documents, such as purchase orders or order confirmations from suppliers. This process helps verify the root cause of the shortage and clarifies the responsibility of each entity within the supply chain.

Nguyen Thi Kim Ngoc, Deputy Director of the TP HCM Department of Industry and Trade, stated that the overall fuel supply in the area remains stable. However, some suburban areas have experienced temporary local shortages. These isolated incidents are primarily attributed to sudden surges in demand or delays in deliveries from suppliers.

Nguyen Thi Kim Ngoc, Deputy Director of the TP HCM Department of Industry and Trade, speaking on the morning of 10/3. *Photo: Linh Dan*

Businesses have reported a sharp increase in sales volume at many stores following two recent price adjustments. According to statistics from some enterprises, system-wide sales increased by about 131% compared to the same period, with TP HCM alone seeing an increase of approximately 165%.

A representative from Petrolimex Sai Gon stated that some stores recorded sales increases of up to 206%. Many individuals brought jerry cans or containers to purchase and hoard fuel, driven by fears of supply disruptions. This behavior led to a sudden surge in demand over a short period.

Observations on the evening of 9/3 and the morning of 10/3 revealed unusually large crowds at many gas stations in TP HCM and Ha Noi, with long queues of vehicles. In some locations, customers faced waiting times of 30-45 minutes before they could refuel.

Around 8 p.m. on 9/3, at a gas station on Pham Van Chieu street (TP HCM), motorcycles formed multiple queues stretching almost across the entire road. Staff reported that the station did not limit sales, but the number of customers increased by two to four times compared to normal days, resulting in extended waiting times.

To meet this heightened demand, businesses have increased dispatches from warehouses and extended their operating hours. At times, fuel depots operated until 4 a.m., even working through weekends to ensure a consistent supply for the retail system.

A representative from Saigon Petro stated that the company is committed to ensuring supply for the market in March. The company also advised people not to hoard fuel, noting that global oil prices are currently trending downwards.

According to the Department of Industry and Trade, global oil prices have recently fallen from nearly 120 USD per barrel to below 90 USD. Domestically, RON 95 gasoline is currently priced at about 27,000 VND per liter, which remains lower than in many regional countries such as Singapore, Laos, and Thailand.

In response to market developments, the Government has implemented more flexible price management. If the price of finished petroleum products in the Singapore market fluctuates by more than 7% compared to the previous adjustment period, the Ministry of Industry and Trade and the Ministry of Finance can adjust prices immediately, rather than waiting for the regular adjustment cycle.

Additionally, recently issued Decree 72 reduced gasoline import taxes from 10% to 0%, a measure aimed at helping stabilize retail prices. The inter-ministerial team of the Ministry of Industry and Trade and the Ministry of Finance is also prepared to utilize the stabilization fund if prices continue to fluctuate significantly.

A gas station closing early on the evening of 9/3 on Pham Van Chieu street (TP HCM). *Photo: Thi Ha*

The TP HCM Department of Industry and Trade announced that from 10/3, it will implement a mechanism to monitor daily inventory from wholesalers and distributors. This requires regular data reporting to promptly coordinate supply between areas with surplus and those experiencing shortages.

The Department also coordinates with relevant units to facilitate the daytime movement of fuel tankers into the inner city. This measure aims to ensure rapid replenishment for stores experiencing local shortages.

Beyond ensuring supply, authorities have issued warnings regarding the fire and explosion risks associated with people hoarding gasoline at home.

A representative from the TP HCM Police Department's Fire Prevention, Fighting, and Rescue Police Division stated that gasoline is a volatile and highly flammable liquid. Storing gasoline in plastic cans, barrels, or plastic bottles at home, particularly in living areas or basements, poses a high risk of fire and explosion.

Authorities advise residents to only purchase enough gasoline for their immediate needs, avoid hoarding large quantities at home, and keep it away from ignition sources or electrical outlets.

Thi Ha