On October 13, the Government Inspectorate of Vietnam established a delegation to inspect the state management of 15 key petroleum and gasoline trading facilities and two oil refineries, namely Binh Son Refining and Petrochemical JSC and Nghi Son Refinery and Petrochemicals LLC.
|15 petroleum and oil distributors and two oil refineries are to be inspected |
The inspections will last for up to 60 days and will cover the operation of these facilities and refineries from January 2017 to the end of June this year.
The inspections are being implemented in the context of the price fluctuations of petroleum and oil in the market in recent days, leading hundreds of petroleum and gasoline trading facilities to suspend their operation due to running out of petrol.
Notably, on October 11, the retail prices were raised by more than VND500 (2.2 US cents) per litre for petrol and nearly VND2,000 (8.7 US cents) for oil.
|The inspections will last for up to 60 days and will cover the operation of these facilities and refineries from January 2017 to the end of June this year. |
Accordingly, the prices of E5 RON 92 and RON 95 – which are commonly used in Vietnam – escalated by VND560 (2.4 US cents) to VND21,290 (93 US cents) per litre and VND22,000 (95 USD cents) per litre respectively.
Meanwhile, the retail price of diesel oil spiralled by VND1,980 (8.6 US cents) to VND24,180 ($1.05) per litre. This is the first time that petrol prices have risen after four decreases in more than a month.
The petrol stations complained that they were facing a loss as the wholesale prices of petroleum products were higher than the selling prices due to improper calculations on discount rates by petroleum trading companies.
During the inspection process, the government assigned the Ministry of Industry and Trade and the Ministry of Finance to control the domestic petroleum market.
Immediately, the two ministries decided to set aside between VND200 (0.9 US cents) and VND500 (2.2 US cents) for every litre of petrol, as well as VND200 (0.9 US cents) for diesel oil from the price stabilisation fund.
List of facilities being inspected:
Hai Ha Co., Ltd
Military Petrochemical JSC
Hai Linh Co., Ltd
Military Petroleum One Member LLC
Petro Binh Minh Co., Ltd
Hien Minh Duc Group JSC
Hoa Khanh General Services and Trading Co., Ltd
Petrovietnam Oil Corporation (PV Oil)
Xuyen Viet Oil Travel and Transport Trading Co., Ltd
Thanh Le General Import-Export Trading Corporation
Dong Thap Petroleum Trading Import Export JSC
Long Hung Investment and Trading and Service Co., Ltd
Tin Nghia Petroleum JSC
Nam Song Hau Trading Investing Petroleum JSC
Binh Son Refining and Petrochemical JSC
Nghi Son Refinery and Petrochemicals LLC
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