HANOI, March 4 (Xinhua) -- Vietnam's Ministry of Industry and Trade has urged local authorities to strengthen inspections and supervision of petroleum trading amid tensions in the Middle East, local media VnEconomy reported Wednesday.

According to an official document released Tuesday by the ministry, global energy markets, as well as fuel supply and prices, have been affected by complicated political and security developments, particularly escalating tensions in the Middle East.

The ministry has directed localities nationwide to closely monitor developments in their areas, while strengthening inspections of petroleum wholesalers and retail outlets and enhancing communication and guidance for traders to comply with regulations.

Strict penalties will be imposed for violations involving hoarding, selling above the listed prices, arbitrary price increases, trading in smuggled fuel or products of unclear origin, and distributing substandard fuel. ■