Four to five petrol companies to see their permits revoked

The Ministry of Industry and Trade announced to revoke from four to five permits of petroleum businesses for violating the Government’s Decree 83/2014 upon trading the special commodity.
At a regular press brief of the Ministry, head of the Department Domestic Market Tran Duy Dong said that the Ministry has completed its supervision over the operation of ten petroleum businesses and four or five of them will face revocation of permits.
Answering the question of the Ministry’s responsibility for trading of fake petroleum on a large scale, Mr. Dong said that the Ministry of Industry and Trade, the Ministry of Public Security, the Ministry of Finance, and the General Department of Vietnam Customs have been managing petroleum businesses.
The Ministry of Industry and Trade is accountable for petroleum quality, quantity and supply for production and price management. The Ministry of Science and Technology is responsible for monitoring the quality of mixed petroleum while local administrators must supervise activities of petroleum businesses in the locality.
The Department of Domestic Market is taking opinions of government members for completion of the Decree 83 including amendments to re-address inadequacies in petroleum-related regulations.
When it comes to enterprises’ limited petroleum import quota, Deputy Minister of Industry and Trade Do Thang Hai revealed that formerly 70 percent-75 percent of petrol for domestic consumption had been imported. Enterprises must register its annual plan for importing the special commodity including the quantity.
At present, 70 percent -75 percent of petrol for local use is taken from Nghi Son and Dung Quat refineries; hence, the import volume reduces to 25 percent-30 percent. 
The ministries of Industry and Trade and Finance revised petrol prices up yesterday, marking the eighth consecutive increase so far within three recent months. The retail price of bio-fuel E5 RON 92 rose to VND17,722 per liter while that of RON 95 increased to VND18,881 per liter.

By Phuc Van - Translated by Anh Quan

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