City calls for strengthened inspection of petroleum distributors, prevent violations

Thursday, Mar 03, 2022 07:35

HCM City authorities are trying to ensure uninterrupted petroleum supply amid reports of hording by distributors. — Photo

HCM City has called for the Ministry of Industry and Trade to strengthen inspection and penalise fuel trading companies that commit violations to ensure uninterrupted supply of petroleum products in the market.

The People’s Committee wants the ministry to sanction major enterprises that do not supply petrol and diesel as committed, have the required minimum reserve or plans to import goods to replenish the reserve in time, causing supply to be interrupted.

To ensure there is no volatility in the fuel market, the city Department of Industry and Trade has set up an inspection team to monitor the activities of 18 petroleum traders and distributors in the city.

The team, comprising officials from the Department of Industry and Trade, market management and police, has been directed to prevent hoarding and punish violations.

The city, the country’s largest fuel consumer, would be able to ensure sufficient supply of diesel and petrol at stable prices to meet demand, the department assured.

There have been been reports of some petrol stations limiting sales and hoarding stocks waiting for an increase in retail prices.

City authorities have warned fuel distributors and retailers against hoarding and instructed them to ensure sufficient supply of what are essential goods to meet demand.

Fuel retailers have been told not to sell petrol and diesel to customers looking to buy in containers.

Another hike

Petrol prices continued to rise in the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance on Monday, marking the fifth consecutive increase since December 25, 2021 with a total amount of around VND4,000.

Accordingly, the retail price of RON95 bio-fuel rose by VND547 to a maximum of VND26,834 (US$1.18) per litre, while that of E5RON92 rose VND545 to no more than VND26,077 per litre.

The prices of diesel 0.05S, kerosene and mazut went up to a maximum of VND21,310 per litre, VND19,978 per litre and VND18,468 per kilogramme, up VND509, VND469 and VND536, respectively.

The two ministries decided to use the petrol price stabilisation fund at a rate of VND250 per litre for E5RON 92, and VND220 per litre for RON 95, and VND300 per litre for diesel. — VNS

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