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Ho Chi Minh City
Wednesday, August 17, 2022

Inspectorate orders report on fuel price stabilization fund

By Van Phong

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HCMC – The Government Inspectorate has formed an inspection team to examine the management of fuel trading and asked the relevant ministries and departments to report on the use of the fuel price stabilization fund.

Accordingly, the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Science and Technology, 16 enterprises and large traders must provide relevant information and documents.

These include reports and documents related to the compliance with policies and laws in the management of fuel, including the planning and development of fuel trading systems, fuel trading and distribution, the management of fuel businesses, the inspection and handling of violations, etc.

The Ministry of Industry and Trade is required to publicly report on the management of import and export businesses, the strategic petroleum circulation and reserve and fuel distribution systems all over the country. In particular, the ministry has to specify the approved plan, the results of the planning, the challenges and drawbacks of the planning, and the causes.

The ministry is required to report on the process of licensing petrol and oil businesses in the following fields: fuel import and export, fuel production and extraction, and fuel reserves. In particular, it is necessary to report on the total number of licensed businesses and the responsibility of each unit for ensuring petrol and oil supply in the market.

It is necessary to report on the management activities of the fuel trading, such as the process of inspection, quality control, the volume of fuel, etc.

For fuel reserves, it is required to report on the total number of agencies and organizations in charge of fuel reserves (circulation and national fuel reserves), specific responsibilities and tasks, storage infrastructure, the process of storing fuel, fuel import and export, the volume of fuel reserve, the time of fuel reserves, etc. The report on the responsibilities of the units involved in the fuel reserves ensures the fuel supply is on demand.

Regarding the fuel stabilization fund, the relevant ministries and departments are required to report on the use of the fund, its drawbacks, limitations, and causes.

In relation to the fuel selling price, it is necessary to report on the listings of fuel prices, the inspection and control of petrol and oil trading activities.

The inspection of the Government Inspectorate comes at a time when fuel prices are rising sharply, putting tremendous pressure on producers and affecting people’s daily life since the beginning of this year.

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