Two ministries must explain about the petroleum market before the National Assembly Economic Committee.

The National Assembly's Economic Committee has just released information about the organization of an explanation session, chaired by Vice Chairman of the National Assembly Nguyen Duc Hai and leaders of the Economic Committee.

The two agencies responsible for accountability are the Ministry of Industry and Trade and the Ministry of Finance.

Gas station closures have been going on since 2022.

Many petroleum retail businesses have also received invitations to attend this explanation session.

2022 is the first year that the gasoline price management cycle will be reduced from 15 days to 10 days. This is the year that witnessed the disruption of gasoline supply, people lining up to buy gasoline, and many gas stations running out of gasoline and oil.

The reason is sometimes due to a shortage of gasoline at Nghi Son Oil Refinery. This plant had to reduce the capacity of its generators in early 2022, so it was not enough to supply gasoline to the market.

In particular, due to the fact that costs have not kept up with reality, many petroleum enterprises are losing money and are not importing goods. Local petroleum shortages are becoming more serious, especially in the southern provinces. Images of gas stations simultaneously hanging signs saying they are out of gas, selling in moderation, and people lining up in long lines at gas stations... have created many worrying issues.

After that, the situation of gas stations hanging "out of gas" signs spread to Hanoi and the northern provinces and cities.

In early 2023, when the gasoline price adjustment period coincided with the Lunar New Year and had to be postponed to the next period, the situation of gas stations closing continued to repeat.

The Ministry of Industry and Trade is amending regulations related to petroleum trading to remedy this situation.