Gas stations urged to avoid speculation

Petrol station owners face the risk of losing their business licences, or even criminal charges, if they are found to be speculating on future price increases by closing regular operations.

The announcement was made by deputy director of the Industry and Trade Ministry's Domestic Market Department Nguyen Loc An.

"At this time, there has been no official decision to permit an increase in the price of petrol", An said.

Meanwhile, a number of petrol stations in HCM City, Da Nang City the provinces of An Giang and Thanh Hoa had closed their doors, reported local media.

Some ceased selling petrol all together, while others limited their operating hours by opening later and closing earlier than normal, according to a report in Nong thon ngay nay (Countryside Today) newspaper.

Petrol station owners made the move in response to rumours about a potential price hike, said Hoang Van Binh, director of the Thanh Hoa Petrol Company.

To control the situation, authorised agencies and local authorities have stepped up efforts to inspect and fine violators.

Local market watch departments were responsible for inspecting and controlling the situation, said An.

Provincial inspectors had already fined violators in the Cuu Long (Mekong) Delta province of An Giang, said Phan Loi, deputy director of the provincial Market Watch Department.

"If any signs of violations are discovered, petrol station owners could face a fine of up to five times the value of the petrol which they speculated," said Tran Van Tam, deputy Director of Central Thanh Hoa Province's Industry and Trade Department.

At present, the petrol supply still met demand, said Bui Ngoc Bao, General Director of the Viet Nam National Petroleum Corporation (Petrolimex).

"Petrol stations which are 100-per-cent owned by Petrolimex are still operating as usual," said Vuong Thai Dung, deputy general director of Petrolimex.

All petrol stations nation-wide must maintain a stable petrol price and obey petrol trade regulations till the end of this month, said An.

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