The Government issued a new Decree on petroleum business: Gasoline prices are regulated every 7 days.

November 17, 2023 18:00 Van Hang Print article

ANTD.VN - Decree 80/2023/ND-CP on petroleum trading has many new points: retail agents are allowed to import gasoline from 3 sources, shortening the time for managing gasoline prices from 10 days to 7 days.

Nghị định 80 về kinh doanh xăng dầu có hiệu lực từ ngày 17-11-2023

Decree 80 on petroleum trading takes effect from November 17, 2023

On November 17, 2023, the Government issued Decree No. 80/2023/ND-CP amending and supplementing a number of articles of Decrees 83 and 95 on petroleum trading.

Decree 80 amends and supplements a number of main contents as follows: Regarding the price formula and method of managing gasoline prices: adjusting the time for reviewing and announcing the cost of bringing gasoline from abroad to Vietnamese ports, the cost of bringing gasoline from domestic refineries to ports, and the premium for calculating gasoline prices from domestic production sources from 6 months to 3 months to ensure more timely updates of prices and costs for businesses, creating motivation for businesses to create gasoline sources to supply the domestic market.

Regarding the time for operating/announcing gasoline prices: shorten the time for operating gasoline prices from 10 days to 07 days, and the time for operating gasoline prices is carried out every Thursday.

Regarding the issue of petrol retail agents being allowed to purchase petrol from multiple sources: petrol dealers are allowed to obtain petrol from up to 3 sources to create competition in petrol discounts in the market, while increasing the initiative of petrol retail agents in sourcing and supplying petrol.

Regarding the intermediary stage in the petroleum business, Decree 80 abolishes the type of general petroleum retail agent to reduce the intermediary stage in the petroleum distribution system.

Regarding regulations on warehouse conditions when granting licenses to wholesale traders and petroleum distributors: Supplementing regulations to strengthen management, inspection and supervision of enterprises in petroleum trading activities; at the same time, decentralizing to the local Department of Industry and Trade to inspect and supervise traders' compliance with regulations in petroleum trading activities.

The new Decree also amends and supplements regulations on cases of revoking petroleum business licenses of traders to ensure compliance with legal regulations and avoid sudden interruptions in petroleum supply, especially during times when domestic petroleum supply is affected and scarce.

Regarding the petrol price stabilization fund, Decree 80 supplements regulations and measures for stricter management and supervision of this fund; amends and supplements a number of regulations to resolve remaining problems and shortcomings to better suit the practical situation.

In addition, the Ministry of Industry and Trade will coordinate with the Ministry of Finance and relevant agencies to continue reviewing, researching, and developing a new Decree to replace the Decrees on petroleum business to be submitted to the Government in the coming time.

Decree 80 takes effect from November 17, 2023.

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