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Friday, June 14, 2024

Six businesses lose fuel distribution licenses

By N. Tan

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HCMC – The Ministry of Industry and Trade has revoked the fuel distribution licenses from six local businesses, with effect on February 27.

They comprise Bong Sen Vang Oil Co. Ltd.; Dai Long Petro Trading Joint Stock Company; Quang Ha Transport, Construction, and Trading Company Limited; An Huu Tra Vinh Fuel Corporation Company; Rong Vang Oil Joint Stock Company; and Petro Oil An Giang Service Trading Company Limited.

Fuel distributors are defined as traders who buy fuels from wholesalers and supply to gas stations and franchisees.

The revocations will force retailers purchasing fuels from the six firms to seek other supplies, as the current regulations allow them to buy fuel from only a single source.

Meanwhile, the ministry said it would revise Decree 83 and Decree 95 on fuel trading to enable gas stations to buy from multiple sources.

The revision would help fuel trading agents gain an edge in negotiations and allow them to purchase fuel from up to three different sources, it added.

However, they would be prohibited from buying fuels from other stations.

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