Vietnam Fines Gas Station for Unauthorized Price Hike

A gas station in Vietnam's central Nghe An province has been fined VND40 million (approximately $1,600 USD) for unilaterally increasing its retail gasoline prices outside of the regulated periods set by distributors. On July 21, the Nghe An Provincial Market Management Department announced that it had imposed administrative penalties on Thanh Binh Petroleum Private Enterprise in accordance with Government Decree 80/2023. Previously, on July 10, the Market Management Team No. 1, in coordination with the Duc Chau Commune Police, inspected the Thanh Binh gas station located in Dong Ha hamlet, Duc Chau commune (formerly Diễn Châu district). Functional forces discovered that the station had listed and sold E10 RON 95-III gasoline at VND23,999 per liter, a price higher than that announced by the distributor – Giang Nam Petroleum Company Limited's Ha Tinh branch – at the same time. Authorities determined that Thanh Binh gas station had committed violations continuously from June 26 to July 10, consuming a total of 733 liters and earning nearly VND2.5 million (approximately $100 USD) in illegal profits. Domestic petroleum prices have been fluctuating since late February due to the impact of the Middle East conflict, but have now stabilized, although potential risks remain. From the beginning of June to the present, domestic retail gasoline prices have been adjusted eight times. After the price adjustment on July 16, E10 RON 95-III gasoline is priced at VND20,550 per liter, about VND1,750 (approximately $0.07 USD) cheaper than at the beginning of June. With this adjustment, the Ministry of Industry and Trade stated that retail gasoline prices in Vietnam are currently VND4,800-22,000 (approximately $0.20-$0.90 USD) lower than in Cambodia, Thailand, China, and Laos. Diesel oil is also VND2,900-10,600 (approximately $0.12-$0.45 USD) cheaper compared to these countries. Source: VnExpress