Vehicles were seen queuing for hours outside gas stations in Ho Chi Minh City in Vietnam as 121 petrol stations, i.e. 20 percent of the city’s fuel retailers, ran out of fuel and were unable to restock in time.
vnexpress reports that the HCMC Market Surveillance Department said on Monday that the majority of petrol stations without fuel are of moderate size and limited scope.
Several suppliers in the city have stated that, as retail prices decline globally, selling the surplus of fuel they had stocked up earlier at a much higher price, would make them lose money.
Vietnamese chairman of the National Assembly’s Economic Committee, Vu Hong Thanh said during the parliament’s Standing Committee meeting Monday that some petrol stations allowed consumers to fill their tanks with only VND 50,000 or USD 2.09 worth of fuel.
According to retailers, with the government reducing fuel prices, they are losing between VND 100-300 million (USD 4,166-12,500) for small petrol stations and VND 500 million (USD 20,850) for large outlets due to low commissions. Some businesses are worried that would be forced to close permanently if they see no improvements this week.
The Ministry of Industry and Trade in Vietnam said on Monday that petrol stations in several southern provinces have been witnessing shortages of fuel.
The first fuel shortage in southern Vietnam was in May as petrol stations ran out of supplies. Some suppliers have said importing has become difficult, while others informed the recent onslaught of Typhoon Noru has affected transportation.
The prices for Gasoline imports declined by 40% in the third quarter of 2022, while diesel import prices fell by 35%.
The Ministry of Industry and Trade said that the gasoline shortage was not widespread because there are a total of 17,000 gas stations in the country and just over 100 were running short. They have also confirmed that HCMC will have enough fuel for the next 10 days and that 68% of the gas stations shut down have resumed their services.
