As of March 3, the Agency for Domestic Market Surveillance and Development under the Ministry of Industry and Trade released Official Dispatch No. 544, directing provincial and municipal Departments of Industry and Trade to step up inspections and supervision of petroleum trading amid ongoing global instability.
The agency noted that recent international political and security developments have grown more complicated, especially escalating tensions in the Middle East, which are influencing global energy markets and affecting fuel supply and price levels.
To proactively mitigate risks, local authorities were instructed to have market surveillance forces closely monitor their areas, track supply-demand movements and retail prices, and swiftly identify irregularities such as shortages, unjustified price hikes, supply disruptions or unwarranted sales suspensions.
The dispatch further emphasizes focused inspections of petroleum enterprises and retail outlets, with strict penalties for violations including hoarding, selling above listed prices, arbitrary price increases, trading in smuggled or fuel of unclear origin, or distributing products that do not meet quality standards.
Serious cases beyond local jurisdiction must be promptly reported and handled in coordination with relevant authorities in accordance with regulations.
Alongside enforcement measures, the agency called for enhanced communication and guidance to help traders comply with legal requirements, while also holding heads of market management units accountable if violations occur in their jurisdictions without timely detection and response.
