Vietnamese authorities will revoke business licenses of any petroleum stations which stop selling for a day in a bid to prevent speculations and ensure sufficient supply for the nation, Nguyen Cam Tu, Deputy Minister of Industry and Trade said June 10.
Tu made the statement after finishing an inspection over petrol stations in northern Ha Tay province, Haiphong City and some southern provinces.
Market watchdogs and locals will keep close eyes on operations of petrol agents, and the government will take bold measures if the number of petrol stations stopping selling climb to between 1,000 and 2,000, the Tuoi Tre [youth] newspaper quoted Mr. Tu as saying.
Vietnam now has 10,000 petrol stations, including 3,000 state-run ones and 7,000 private-owned units; relevant agencies have not yet calculated the exact numbers of stations stopping selling in recent time, the official said.
Mr. Tu requested the press to provide information about stations that stopped selling in recent time so as to facilitate the ministry’s inspection and solutions.
According to the ministry’s recent inspection, a petrol station of Haiphong Petroleum Enterprise under PetroVietnam Oil Processing and Distribution Company (PDC) had to close June 5 and June 6 due to supply scarcity, VnExpress said June 11.
Meanwhile, state-owned Vietnam National Petroleum Corp (Petrolimex) said it now still has sufficient supply, according to General Director Bui Ngoc Bao, who added that the firm’s wholesale agents have reserves of over 30 days, which is higher than the current required 20 days.
Mr. Tu said that the Vietnamese government has plans for particular periods if the global petrol price continues soaring, adding it will take measures to prioritize curbing inflation, macro-economic stability and social security.
Domestic petrol firms have losses and the government has continuously subsidized for petroleum importers since February 22 of this year to stabilize local market and curb inflation.
Regarding the hoped petroleum price stabilization fund, Mr. Tu said it is not the only and multi-functional tool to stabilize local market as it is still new in Vietnam.
Vietnamese petroleum traders lost VND7.2 trillion (US$450 million) in the first five months of this year due to continued global oil price soar. (Youth, VnExpress)
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