Revoking the certificates of eligibility to distribute gasoline of two traders
The Ministry of Industry and Trade has revoked the Certificate of Eligibility to be a petroleum distributor for two enterprises, including: Cuu Long Fuel Trading Joint Stock Company and Viet Nhat Petroleum Development Investment Company Limited.
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| Two petroleum distributors have just returned their business licenses. |
The Ministry of Industry and Trade has just revoked the Certificate of Eligibility to be a petroleum distributor for 2 businesses.
Specifically, the Ministry has decided to revoke the Certificate of Eligibility to be a Petroleum Distributor with Cuu Long Fuel Trading Joint Stock Company. Address: 85 Hai Ba Trung, Ben Nghe Ward, District 1, Ho Chi Minh City.
Previously, this enterprise was granted Certificate of eligibility to act as a petroleum distributor No. 415-TNPP/QD-BCT issued by the Ministry of Industry and Trade on April 13, 2021.
Another enterprise whose Certificate of eligibility to act as a petroleum distributor was revoked this time is Viet Nhat Petroleum Development Investment Company Limited. Address: SN 18 South of Hoa Lu University, Ninh Tien Commune, Ninh Binh City, Ninh Binh Province.
Viet Nhat Company was granted Certificate of eligibility to act as a petroleum distributor No. 382-TNPP/QD-BCT dated December 25, 2020.
The revocation of the licenses of the two enterprises was based on the request of the Domestic Market Department and the two enterprises themselves. On July 1, Cuu Long Fuel Trading Joint Stock Company sent a document requesting to stop operating as a petroleum distributor.
Meanwhile, Viet Nhat Petroleum Development Investment Company Limited sent an official dispatch from the end of June 2024 to the Ministry of Industry and Trade to return the Certificate of eligibility to act as a petroleum distributor.
In carrying out state management in the field of petroleum trading, recently, the Ministry has requested key traders and distributors to report on maintaining the conditions for being key traders and distributors of petroleum according to regulations.
Through reports and reviews, many distributors have failed to maintain the conditions for being a petroleum distributor according to regulations, so they have proactively returned their Certificates.
According to the Ministry of Industry and Trade, it is normal for petroleum distributors to proactively leave the market when they do not meet the requirements.
Regarding information about businesses returning their business licenses, Ms. Nguyen Thuy Hien, Deputy Director of the Domestic Market Department (Ministry of Industry and Trade) previously said: "Enterprises' participation and withdrawal from the market still occurs regularly, in which the petroleum sector is a conditional business item, so it is no exception."
To date, the entire market has less than 300 traders participating in the petroleum distribution business. Compared to the peak of 330 traders in 2023, the total number of businesses leaving the market has reached several dozen.
Although the number of enterprises proactively returning their Certificates of eligibility to act as petroleum distributors has increased, the supply of petroleum has still basically met demand, as business contacts strictly implemented the minimum total source assigned.
Total domestic petroleum imports and purchases are estimated to be about 6.35 million m3/ton of petroleum of all kinds in the second quarter of 2024. Estimated consumption in the second quarter of 2024 is about 6.3 million m3/ton.
Petroleum inventory is about 1.7 - 1.8 million m3/ton, basically ensuring enough demand for consumption and production and business.
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