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Three fuel wholesale traders were fined 130 million dong each for failing to maintain, or maintaining below the minimum required level, fuel reserves. The Department of Domestic Market Management and Development under the Ministry of Industry and Trade (MOIT) said it conducted inspections of fuel supply and circulation stock from March 11 to 31 together with 26 wholesale traders.
Following the inspections, authorities identified three enterprises that did not keep minimum fuel reserves as required and imposed administrative fines. The penalized companies are:
“These enterprises do not maintain or maintain fuel reserves below the minimum required level,” an MOIT representative said.
In addition to the three fined units, the Department is working with five other wholesalers showing signs of potential violations related to minimum reserve levels. Among these cases, authorities said there is an instance of hoarding that is being verified and clarified for handling.
The MOIT said the intensified checks and supervision of wholesalers are taking place as the fuel market faces volatility linked to developments in the Middle East. Since late February, domestic retail fuel prices have gone through 16 adjustment cycles.
Current retail prices cited by the regulator are:
Previously, the same fuels rose to nearly 34,000 dong per liter and 45,000 dong per liter, respectively.
At a panel discussion on the economy last week, MOIT Minister Le Manh Hung said the Middle East conflict has created the world’s largest energy crisis since the 1970s, with Vietnam also affected. He said the objective of current policy management is to ensure energy security, including adequate supply and access for people, while minimizing macroeconomic impact.
Accordingly, the regulator has implemented a coordinated set of five solutions, including raising the circulation stock days from 15 to 26.
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