Three key fuel traders have been fined 130 million VND each for failing to maintain or maintaining mandatory fuel reserves below the minimum required level.
Night-time fuel price adjustments are only applied in unusual circumstances to closely monitor global market fluctuations and prevent speculation and hoarding, according to a representative from the Ministry of Industry and Trade.
Petrolimex forecasts a significant impact on its retail fuel sales starting this year, with volumes potentially peaking in the coming years as electric vehicles become increasingly popular.
Beyond spending trillions of dong from the fuel price stabilization fund, experts propose flexible tax and fee adjustments to cool down fuel prices and ease the burden on citizens and businesses.
The prime minister stated Vietnam is determined to prevent fuel shortages and may consider allocating a budget to support price stabilization if the Middle East conflict prolongs.
Domestic supply remains sufficient until the end of March and is being replenished, meaning Vietnam has not yet needed to tap into its national fuel reserves.
Motorcyclists and motorists formed long queues at petrol stations across the Philippines ahead of a fuel price hike on 10/3, influenced by the conflict in Iran.
The Ministry of Finance proposes reducing the preferential import tax on some fuel products to 0% to increase supply and stabilize the market amid tensions in the Middle East.
If base prices increase or decrease by 7% or more, fuel prices could be adjusted one day later instead of waiting seven days as before, according to a new government resolution.
