The Government has introduced a new decree enabling the ministries of Industry and Trade and Finance to adjust the retail prices of petroleum in the domestic market weekly. Furthermore, it allows fuel distributors to procure their products from three suppliers, in contrast to the previous regulation, which limited each distributor to sourcing from only one supplier.

On November 17, the Ministry of Industry and Trade (MoIT) announced that the Government issued Decree No.80, amending and supplementing some provisions of Decree No.95 and Decree No.83 regarding the petroleum business.

Under Decree No.80, the fuel price adjustment cycle has been modified, reducing the duration from ten to seven days. Retail petroleum pricing adjustments will now be implemented every Thursday.

According to the MoIT, this change seeks to ensure a timelier updating of prices and costs for businesses, incentivizing enterprises to create a consistent supply of petroleum for the domestic market.

The recent decree has also modified the duration for reviewing and disclosing the expenses related to importing petroleum to Vietnamese ports, transporting petroleum from domestic oil refineries to ports, and the premium used in determining the price of domestically produced petroleum.

Specifically, this timeframe has been revised from six months to three months. Additionally, the new decree allows retail petroleum agents to source petroleum from up to three suppliers instead of only one supplier to enhance competition in petroleum discounts in the market and increase the autonomy of retail petroleum agents.

Source: SGGP