More businesses request to return gasoline distribution licenses

The Ministry of Industry and Trade has just issued decisions to revoke the certificates of eligibility to act as petroleum distributors of a number of enterprises.

Specifically, the Ministry of Industry and Trade has issued a decision to revoke the certificate of eligibility to act as a petroleum distributor of Cuu Long Fuel Trading Joint Stock Company (District 1, Ho Chi Minh City) and Viet Nhat Petroleum Development Investment Company Limited (Ninh Binh City, Ninh Binh Province).

These decisions take effect from July 17 and were issued in response to requests from businesses to stop operating as petroleum distributors and requests from the Domestic Market Department.

More businesses request to return gasoline distribution licenses. Photo: Chi Hung

On July 4, the Ministry of Industry and Trade also issued a decision to revoke the business license of Petrolimex Nghe Tinh Tourism Transport Joint Stock Company (Vinh City, Nghe An Province). Previously, this company also requested to revoke its certificate of petroleum distribution trader.

Since the beginning of the year, more than 20 petroleum distributors have requested to return their business eligibility certificates. Currently, there are about 290 petroleum distributors on the market.

Responding to the press recently, Ms. Nguyen Thuy Hien, Deputy Director of the Domestic Market Department (Ministry of Industry and Trade) said that in implementing state management in the field of petroleum trading, the Ministry of Industry and Trade has recently requested key traders and distributors to report on maintaining the conditions for being key traders and distributors of petroleum according to regulations.

However, through reports and reviews, due to not maintaining the conditions for being a petroleum distributor according to regulations, many traders have proactively returned their certificates.

If they want to continue doing business in petroleum, these businesses can choose another form such as becoming a petroleum retail agent, in which case their stores will still operate normally.

To ensure the supply of gasoline, the Ministry of Industry and Trade has assigned the minimum total source (including imported and purchased domestic gasoline) to key gasoline trading enterprises.

Since the beginning of the year, basically, petroleum business hubs have seriously implemented the minimum total source of allocated petroleum supply, meeting enough demand.

Total domestic gasoline imports and purchases in the second quarter of 2024 are estimated at about 6.35 million m3/ton of all types; consumption is about 6.3 million m3/ton; inventory is from 1.7-1.8 million m3/ton.

Today's oil price, July 23, 2024, fell to 79 USD/barrel . Today's oil price, July 23, 2024, on the international market fell, with WTI oil price falling to 79 USD/barrel. Oil prices fell due to a stronger USD and concerns about weak demand from China.

Source: https://vietnamnet.vn/them-loat-doanh-nghiep-xin-tra-lai-giay-phep-phan-phoi-xang-dau-2304803.html