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.
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