HA NOI – The Ministry of Industry and Trade has sufficient sources of petrol and oil to meet public demand and will co-ordinate with relevant sectors to strictly fine importers and distributors found guilty of fraud and speculation, said head of the ministry's Domestic Market Department Vo Van Quyen.
The ministry's announcement is expected to put the public's mind at ease following a number of petrol stations declaring their intentions to cease the sale of petrol while waiting for price increases.
A ministry document issued last week requires wholesale distributors to observe a Government decree on petrol and oil trading. In addition, they have to ensure the timely supply of enough and various types of petrol and oil for their branches, agents and retail stations.
City and provincial industry and trade departments were also asked to strengthen inspections in order to uncover petrol and oil trading violations.
According to a report made by the ministry's Market Watch Department, two petrol stations in the southern provinces of Dong Nai and Binh Duong are set to receive fines after local market watch teams found them guilty of business fraud and speculation last week. As a result, their business licences may be revoked.
It's reported that more than 30 petrol stations have had their business licences revoked so far this year. The stations found guilty of fraud and speculation were fined more than VND6 billion (US$288,000), with the money going to the State budget.
Since early this year, the domestic price of petrol and oil has been adjusted ten times, five of which up and the remainder down. The latest adjustment, on April 13, increased the price of petrol by VND1,100 ($0.5) per litre to VND23,000 ($1.1). – VNS