Gasoline and oil prices has increased to the highest level in the past seven years, causing people and businesses to finically struggle against heavier financial burden. Due to fears over more potential hikes in the price of gasoline in the coming time, some local residents have rushed to petrol stations to have their vehicles re-filled and buy bottles of gasoline for reserve before each price adjustment phase.

A motorcyclist has her vehicle re-filled at the filling station on Nguyen Van Thoai Street, Ngu Hanh Son District on the afternoon of March 1. Photo: QUYNH TRANG

The storage of gasoline and oil also partly comes from the mob psychology as people see others rushing to buy cans and barrels to buy gasoline and oil, they also tend to do the same.

Many people are still not fully aware of the potentially dangerous situations of storing gasoline and oil at home.

Facing the unsafe situation of storing gasoline in the house, the Fire Prevention and Rescue Police Department recommends that people only buy gasoline and oil just enough for their needs, do not store more at home to ensure their safety.

In case the household has stored necessary gasoline and oil, measures should be taken to store it safely.

The recommendation of the local authorities at this time is reasonable and necessary.

In addition, the Da Nang Market Management Bureau has assigned civil servants to directly supervise the operations of petrol and oil trading units.

As many as 105 petrol stations in the city have made commitments to listing prices of gasoline and oil and selling them at the displayed prices,

Any acts that take advantage of the scarcity of goods to speculate, hoard goods and reduce the quantity of goods sold in the market will be strictly handled.

The municipal Information Management Department-announced hotlines will be displayed at petrol and oil pump poles where people can easily see to make report calls to functional authorities when needed.

Soaring gasoline and oil prices are affecting the market, leading to price hikes in the transportation, construction materials, import and export industries, and then essential consumer goods.

In reality, the soaring price of input costs has resulted in an increase in retail prices. On the other hand, the market's sentiment has many uncertainties, affected by the pandemic and international conflicts, which put commodities at a risk of price escalation.

The progress of many public investment projects, especially expressway ones, have been strongly promoted to make up for the previous stagnant progress as well as gain momentum for economic recovery. Also, the economy is reopening almost completely, especially tourism and services, which have a large demand for raw materials. These facts have partly made gasoline and oil prices go upward.

During the gasoline and oil price management period on March 21, the inter-ministries of Finance - Industry and Trade spent parts of the Petroleum Price Stabilization Fund to stabilize domestic gasoline and oil prices.

Accordingly, the bio-fuel E5 RON92 petrol has been cut by VND 630 per litre to VND 28,330 a litre while RON 95 petrol has declined by VND 650 to VND 29,190 a litre. Although the falling of gasoline and oil prices, they are still high.

People need to be calm in dealing with force majeure situations, including fluctuations in the commodity market. Acts of rushing to hoarding gasoline and oil as in the past time are not necessary.

Reporting by QUYNH TRANG – Translating by A.THU