The Ministry of Industry in Vietnam has recently directed an increase in inspections to detect and address hoarding, drip selling, or unauthorized cessation of fuel sales. This move comes as global fuel prices rise, prompting concerns about supply stability. Major fuel companies, including Petrolimex and PVOIL, have responded by affirming their commitment to ensuring adequate fuel supply in the market.

Mr. Do Manh Binh, Deputy General Director of the Vietnam Oil and Gas Group (PVOIL), emphasized that the company, which holds about 24% of the domestic fuel market, is a crucial link in the fuel supply chain. He assured that PVOIL's stores are consistently stocked to meet consumer demand, despite potential market shortages.

Binh noted that geopolitical risks, climate change, and energy transition are increasingly impacting the global energy market, making energy security more complex than merely having sufficient fuel supply. He stated that PVOIL is prepared to ensure fuel availability under all circumstances, coordinating closely with other entities within the Petrovietnam value chain to balance domestic supply with imports.

Petrolimex, Vietnam's leading fuel supplier, also acknowledged the pressures on supply and logistics costs due to recent developments in the Middle East. The company is implementing comprehensive measures to secure fuel sources and meet market demands, including regular assessments of supply and inventory levels.

In addition, the Ministry of Industry has issued a directive to provincial departments to enhance oversight of retail fuel operations. This includes monitoring supply levels, pricing, and ensuring compliance with regulations to prevent hoarding and ensure continuous supply for production and consumer needs.

Colonel Tran Manh Cuong, head of the MIPECORP, which manages military fuel stations, confirmed that their 151 stations nationwide are adequately supplied. They conduct regular inspections to promptly address any emerging issues.

As the situation evolves, the Ministry's focus on stricter monitoring aims to stabilize the fuel market and ensure that consumer needs are met amid ongoing fluctuations in the global energy landscape.