HCMC – The Ministry of Industry and Trade will impose an administrative fine on five fuel wholesalers for violations in fuel trading, instead of suspending their operating licenses as earlier announced.
Deputy Minister of Industry and Trade Do Thang Hai said the leniency would help stabilize the fuel market for now. He was speaking at a regular press briefing of the Government on September 6, the local media reported.
It is necessary to impose harsh sanctions on their violations, but refraining from the revocation of their licenses is aimed at ensuring a sufficient supply of fuels in the local market, the deputy minister told the local media.
He also explained that if their operating licenses are suspended, they will not be allowed to buy fuels from local and foreign suppliers, and trade in fuels.
The sanction of taking away fuel wholesalers’ licenses will be adopted at a more appropriate period, Hai affirmed.
The five fuel wholesalers are Dong Thap Petroleum Trading Import Export JSC, Tin Nghia Petroleum Import Export JSC, Saigon Petro, Hung Hau Petroleum Company, and Orient Oil.
Following the results of an inspection into many petroleum businesses, the ministry’s inspectors on August 31 imposed administrative fines on 11 fuel wholesalers and traders with a total value of over VND13 billion.
Apart from the administrative fines, the ministry also decided to revoke the licenses of the five.
To date, as many as 12 fuel businesses had their licenses revoked after the ministry launched an inspection into 33 wholesalers in February. The licenses of five businesses were returned after the duration of sanctions had ended.