Vietnam threatens to revoke licenses

August 1, 2008

Since last weekend, many gas stations have shut claiming they have no more stocks. Stations are being accused of hoarding fuel amidst rumors that fuel prices will begin to increase once the price freeze that is in place is lifted in July. Deputy Minister of Industry and Trade Nguyen Cam Tu said the government would instruct local authorities to carefully investigate hoarding allegations to prevent any possible speculation. He warned that the government would revoke the licenses of gas stations found hoarding. He assuaged fears that the rising global oil price will have an impact on retail prices in the country, saying things were under the government’s control. The state-run Vietnam National Petroleum Corp. (Petrolimex) confirmed it has enough stocks to meet demand. Ho Chi Minh City authorities too confirmed they have asked fuel importers to ensure enough supply. (June 11, 2008)

echo '
';