What are the consequences for acts of speculation and hoarding of petroleum products?
Mr. Nguyen Van H., residing in Quang Chau commune, asks: What are the penalties for acts of speculation and hoarding of gasoline and diesel fuel?
Reply:
According to current regulations, petroleum products are commodities subject to conditional management and business operations. Acts of exploiting market conditions to speculate, hoard, sell in small quantities, sell above the listed price for profit, or violate regulations on petroleum business will be severely punished according to the law.
According to the Ministry of Public Security, depending on the nature and severity of the violation, violating organizations and individuals may be subject to:
- Imposing administrative penalties in accordance with the laws on trade, pricing, and petroleum business;
- Criminal liability will be pursued if there are signs of constituting a crime such as: the crime of speculation, the crime of smuggling, the crime of producing or trading counterfeit goods, or other related crimes as stipulated in the Vietnamese Penal Code 2015 (amended and supplemented in 2017).
Article 196, Penal Code of 2015The regulations regarding the crime of speculation are as follows:
(1) Anyone who takes advantage of a shortage or creates a false shortage during a natural disaster, epidemic, war, or difficult economic situation to hoard goods on the list of price-stabilized goods or goods whose prices are set by the State in order to resell them for illicit profit in one of the following cases shall be fined from 30,000,000 to 300,000,000 VND or imprisoned from 6 months to 3 years:
- Goods valued from VND 500,000,000 to less than VND 1,500,000,000;
- Illegally profiting from VND 100,000,000 to less than VND 500,000,000.
(2) Committing an offense in one of the following cases shall be punishable by a fine of 300,000,000 to 1,500,000,000 VND or imprisonment from 3 years to 7 years:
- It is organized;
- Abusing one's position and authority;
- Abusing the name of an agency or organization;
- Goods valued from VND 1,500,000,000 to less than VND 3,000,000,000;
- Illegally profiting from 500,000,000 VND to less than 1,000,000,000 VND;
- Causing adverse effects on security, order, and social safety.
(3) Committing an offense in one of the following cases shall be punishable by a fine of 1,500,000,000 to 5,000,000,000 VND or imprisonment from 7 years to 15 years:
- Goods valued at 3,000,000,000 VND or more;
- Illegally profiting 1,000,000,000 VND or more;
- Dangerous recidivism.
(4) Offenders may also be fined from 20,000,000 to 200,000,000 VND, prohibited from holding office, prohibited from practicing a profession or doing a certain job for 1 to 5 years.
(5) Commercial legal entities that commit crimes as prescribed in this Article shall be punished as follows:
- If the crime falls under the circumstances specified in (1), the fine shall be from 300,000,000 to 1,000,000,000 VND;
- Committing an offense falling under one of the cases specified in points a, d, e, and f of Clause 2 of this Article shall be punishable by a fine of VND 1,000,000,000 to VND 4,000,000,000;
- If the crime falls under the circumstances specified in clause (3), the fine shall be from 4,000,000,000 to 9,000,000,000 VND;
- Commercial legal entities may also be fined from VND 100,000,000 to VND 300,000,000, banned from doing business, banned from operating in certain fields, or banned from raising capital for a period of 1 to 3 years.