The Ministry of Industry and Trade has asked local
authorities to strengthen inspections and supervision of petroleum trading amid
escalating tensions in the Middle East that are putting pressure on global
energy supplies.
In an official document issued on March 3, the ministry’s
Agency for Domestic Market Surveillance and Development said increasingly
complex political and security developments, particularly in the Middle East,
are affecting global energy markets and influencing fuel supply and prices.
To proactively mitigate risks and safeguard consumers’
rights, localities were instructed to direct market surveillance forces to
closely monitor developments in their areas, track supply-demand fluctuations
and retail prices, and promptly detect irregularities such as shortages,
unjustified price hikes, supply disruptions or unreasonable sales suspensions.
Inspection efforts should focus on petroleum wholesalers and
retail outlets. Strict penalties will be imposed for violations including
hoarding, selling above listed prices, arbitrary price increases, trading in
smuggled fuel or products of unclear origin, and distributing substandard fuel.
The agency also called for enhanced communication and
guidance to help traders comply with regulations, while stressing that heads of
market management units will be held accountable if violations occur in their
jurisdictions without timely detection and response.