Deputy Prime Minister requests research on establishing petrol exchange

The Government Office issued Official Dispatch No. 5124 dated July 18, 2024 conveying the direction of Deputy Prime Minister Le Minh Khai on studying information, press reports and recommendations on the establishment of a petroleum trading floor.

The Government Office said that some press agencies published experts' opinions that, in order to be transparent and ensure harmony of interests among businesses, it is necessary to consider applying a gasoline trading floor model.

The establishment of a petroleum trading floor can bring many benefits to Vietnam. When the petroleum trading floor is operated, information on prices and transaction volumes will be made public, thereby minimizing the possibility of price manipulation, creating a flexible and quick pricing mechanism and improving the process of distributing and circulating petroleum.

In particular, in the context of the current petroleum market, although it is still a State monopoly, there is basically private participation in retailing, so it is still possible to set up a floor. Moreover, the new Decree allows a retail enterprise to buy goods from many sources, which creates the premise for setting up a floor.

Regarding this issue, Deputy Prime Minister Le Minh Khai gave the following instructions: Assign the Ministry of Industry and Trade to preside over and coordinate with relevant ministries and agencies to review and study information, press reports and recommendations on the establishment of a petroleum trading floor to increase publicity and transparency, overcome recent instability in the petroleum market, and on that basis, have appropriate implementation solutions according to authority and regulations of law; in case of exceeding authority, report to the Prime Minister in July 2024.

Source: https://laodong.vn/kinh-doanh/pho-thu-tuong-yeu-cau-nghien-cuu-thanh-lap-san-xang-dau-1368843.ldo