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Nearly 20% of Ho Chi Minh City fuel stations face short supply

Nearly 20% of Ho Chi Minh City fuel stations face short supply

Wednesday, November 02, 2022, 16:22 GMT+7
Nearly 20% of Ho Chi Minh City fuel stations face short supply
A woman has her motorbike refilled at a Petrolimex filling station in Binh Thanh District, Ho Chi Minh City. Photo: Quang Dinh / Tuoi Tre

As many as 108 of 550 fuel stations in Ho Chi Minh City, or nearly 20 percent of the total, are facing an inventory shortage, Bui Ta Hoang Vu, director of the municipal industry and trade department, said during a meeting on Tuesday afternoon. 

The shortage is more severe in outer districts like Cu Chi, Hoc Mon, Binh Chanh, Binh Tan, and District 12, where many filling stations are family businesses and are not part of a big chain, according to Vu.

The case where Xuyen Viet Oil, a major southern supplier, had its license revoked for failing to meet official infrastructure requirements is also one of the reasons for the decline in supply, Vu said. 

This company provided 100,000 cubic meters of fuel a month for the Ho Chi Minh City market, which consumes 204,000 cubic meters of fuel monthly.

Another challenge is that retailers are still getting low commissions and are thus suffering losses, the director added.

Around 75 percent of suppliers in Ho Chi Minh City are private companies and the rest are state-owned, which is in contrast with other localities in the same region where state-owned suppliers account for the majority.

Vu’s meeting took place at the same time as the Ministry of Finance and the Ministry of Industry and Trade’s periodic fuel price adjustment.

The two ministries increased the RON95 gasoline price by VND410 to VND22,750 (US$0.91) per liter and RON92 price by VND380 to VND21,870 on Tuesday afternoon, marking the third hike since October 11.

Diesel prices went up by VND290 to VND25,000 and kerosene prices rose by VND120 to VND23,780 per liter.

Mazut oil, often used in power plants, now costs VND14,000 per kilogram, a rise of VND190.

The ministries also decided to use the petrol price stabilization fund at a rate of VND200-300 per liter for gasoline products and VND500 per kilogram for mazut oil.

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Bao Anh - Thao Le - Cam Nuong / Tuoi Tre News

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