HCMC – The Ministry of Industry and Trade has revoked the fuel distribution licenses from six local
HCMC – Hundreds of fuel companies have written to the prime minister saying the current regulations are putting a strain on their operations.
The Government Office said it had received about 250 petitions to revise the law on fuel trading from fuel traders and retailers.
In the letters, they asked the Government to allow gas stations to buy fuels from multiple sources, instead of the current one.
The petitioners also proposed adjusting regulations on determining base prices and commissions.
Last year, the commission offered by major fuel trading firms plunged to around VND50-100 or even zero.
However, petrol retailers have strived to keep their operations afloat despite losses. Otherwise, they would lose their business licenses.
The Ministry of Industry and Trade will revoke the fuel distribution licenses from six local businesses in late February.
In its draft decree on fuel trading, the ministry said it would enable gas stations to buy from up to three different sources, yet it refused to stipulate a minimum commission rate.