The Ministry of Industry and Trade and the Ministry of Finance said they would raise the price of fuel from October 11 to help increase commissions for retailers to ensure supply at retail stations nationwide.
The move came following petrol retailers across the country complaining about petrol retail prices, saying they are so low that retailers are losing money.
The retailers had also submitted a complaint to PM Pham Minh Chinh, saying suppliers had been charging them higher costs while retailers had to sell fuel at the government mandated price, which the two ministries had been decreasing.
They said fuel price controls go against market principles and cause many stations to suffer losses or shut down.
Stable supply
The finance ministry said it is important to ensure domestic supply of petrol in all circumstances, adding that one of the reasons for the problem is a drop in gasoline imports.
Gasoline imports in the third quarter fell by 40 per cent from the second quarter, and diesel imports fell by 35 per cent. Only 19 out of 33 suppliers imported gasoline, the ministry said.
In a related move, the General Department of Market Surveillance has ordered its agencies in provinces and cities nationwide to enhance supervision of petrol firms to ensure sufficient domestic supply.
Over the past few days, a number of petrol stations in HCM City and the provinces of Dong Nai, Binh Duong, Can Tho, An Giang, Binh Phuoc and Dak Lak have suspended selling fuel or are selling small quantities.
In HCM City, as many as 54 gas stations said they were out of fuel since suppliers had not delivered it and not even indicated when they would do so.
The HCM City Department of Industry and Trade, which oversees gas stations in the city, said it would announce a list of 500 gas stations that are still operational.
On Sunday (Oct 10) night, Petrolimex, the country’s largest fuel trading firm, mobilised up to 80 tank trucks to transport gasoline to gas stations under its retail system to make up for shortfalls faced by other fuel retailers. — VNS