HCMC – PV GAS Trading, a member of State-run Petrovietnam Gas (PV GAS), has warned of a complete suspension of liquefied petroleum gas (LPG) shipments to its major terminals starting March 10.
Domestic fuel wholesalers have begun slashing commissions and rationing gasoline and diesel sales as global oil prices surged as critical energy infrastructure in the Gulf region has been hit by strikes.
PV GAS Trading has declared a force majeure event after a catastrophic jetty collapse at Saudi Aramco’s Juaymah NGL facility on February 23, which halted exports of propane and butane. The crisis is further exacerbated by the U.S.-Israel war on Iran, with missile strikes hitting at least two very large crude carriers and several gas processing facilities near the Strait of Hormuz.
Consequently, all scheduled LPG deliveries to the Thi Vai and Diem Dien refrigerated terminals (in HCMC and Thai Binh Province respectively) have been suspended. The company admitted that securing alternative sources from East Asia is becoming increasingly difficult as neighboring countries like Thailand have already triggered emergency protocols and halted fuel exports.
PV GAS Trading has urged industrial clients to adjust production schedules as the company currently lacks a viable supply plan from late March through April.
Meanwhile, the fallout has also spread to the domestic petroleum market, where the Agency of Foreign Trade under the Ministry of Industry and Trade has observed a “triple-threat” of rising costs, dwindling stocks, and reduced sales incentives. As WTI crude surged past U$71 per barrel and Brent neared the U$80 mark (two global oil benchmarks), major domestic distributors like Petromekong and PVOIL Vung Tau have implemented strict rationing, limiting daily sales based on February’s average volume.
Retail commissions (discounts) at several depots have plummeted to zero dong per liter, forcing some retailers to temporarily stop accepting orders for RON95 gasoline and diesel.
The ministry emphasized that traders must ensure continuous operations at retail stations under all circumstances, even as Iran’s threat to close the strategic Strait of Hormuz continues to push global energy markets into high-risk territory.
