Vietnam in serious gasoline shortage, government threatens to punish anyone who hoards goods

In Vietnam, petrol is a commodity controlled by the government

Vietnam is experiencing a widespread shortage of gasoline with many gas stations across the country hanging signs of running out of petrol, stopping selling while the government is inspecting and severely punishing gas stations who hoard goods and wait for prices to rise, the state-controlled media reported.

According to a report of the Ministry of Industry and Trade quoted by the Vietnam News Agency, from before the Lunar New Year festival (Tet) until now, the market management force has discovered that a number of gas stations have closed and stopped pumping petrol for people in localities such as Ho Chi Minh City, Dong Nai, An Giang, Hau Giang, etc.

However, the reason pointed out by the Ministry of Industry and Trade is not because stores are now hoarding goods and refuse to sell but because they are “out of supply” while people’s travel demand during the Tet holiday is high and there is a labor shortage due to employees having Tet holiday or having COVID-19.

According to a survey by Tuoi Tre newspaper in provinces such as An Giang and Soc Trang, many gas stations hang signs “out of gas” or just pump a small volumes of petrol for customers. Gas station owners said that they ran out of supply or lost business because they received too low a discount, so they had to close.

In Dak Lak province, according to Mr. Nguyen Tuan Ha, vice president of the province, as quoted by Tuoi Tre, there were 19 gas stations closed for the same reason as “out of stock for sale.”

Mr. Hai also pointed out the phenomenon that because they are suffering losses, many gas stations “use excuses such as anniversaries, weddings, sickness, etc.” to not sell.

The problems at Nghi Son Refinery and Petrochemical Plant prevented this factory from providing enough goods for businesses while the domestic gasoline price did not adjust to the world price, causing many businesses to sell at a loss, Tuoi Tre pointed out.

In Ho Chi Minh City, at a press conference on the afternoon of February 10, Mr. Nguyen Nguyen Phuong, deputy director of the Department of Industry and Trade, said that the situation of petrol and oil supply in the city is facing difficulties but “there is no sign of hoarding status.”

Mr. Phuong was quoted by Nguoi Lao Dong newspaper as saying that because gasoline prices are about to be adjusted up, sellers “have a mentality of limiting selling and waiting for prices to rise” and buyers “buying and hoarding,” making it difficult for supply. Petroleum.

Vietnam is about to have more petrol price hikes on February 11 and 21, as reported by Tuoi Tre newspaper.

According to the deputy director of the Ho Chi Minh City Department of Industry and Trade, on February 10, the city “recorded 7 stores lacking RON 95 gasoline.”

Earlier, at a government meeting on February 8, Deputy Prime Minister Le Van Thanh was quoted as reassuring that Vietnam “has enough petroleum reserves.” People are also advised by the government not to store gasoline in their homes.

The Ministry of Industry and Trade is conducting an inspection of gas stations nationwide and if it is found that any gas station is hoarding goods, it will be severely fined in the form of revoking business licenses, the Vietnam News Agency said.

According to the Ministry of Industry and Trade, the domestic petroleum supply is currently meeting about 75% of the market demand, the remaining 25% must be imported from abroad.

Director of the Domestic Market Department under the Ministry of Industry and Trade, Mr. Tran Duy Dong, was quoted by Tuoi Tre as saying that since March 13, Nghi Son oil refinery in Thanh Hoa, which has twice the capacity of a refinery Dung Quat oil in Quang Ngai, will recover 100% of capacity while petroleum suppliers are also planning to import more to make up the shortfall due to stagnant domestic production. (Translated)


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