Retail petroleum businesses have asked to stop contributing to the petrol price stabilisation fund, increasing the commission to reduce losses and permanently withdrawing the licence of unprofitable retailers.
Vietnam has imported around 5.65 million tons of fuels worth US$5.95 billion in the year to mid-August, according to data released by the General Department of Vietnam Customs.
Enterprises in charge of importing petrol and oil will be strictly punished, and could even be suspended from operating, if found to be illegally holding petrol and oil to sell at a higher price later.
In the 2016 - 2020 period, Vietnam’s crude oil production reached 61.24 million tons. The oil was supplied to the Dung Quat Oil Refinery and exported to countries such as Japan, South Korea, Malaysia, Thailand, China, and Australia.