Ministry of Industry and Trade studies establishment of petroleum trading floor

Deputy Prime Minister Le Minh Khai proposed that the Ministry of Industry and Trade study the establishment of a petroleum trading floor.

The Ministry of Industry and Trade was assigned to research the petroleum trading floor and report to the Government in July 2024 - Photo: QUANG DINH

The Government Office conveyed the direction of Deputy Prime Minister Le Minh Khai on studying information, press reflections and recommendations on the establishment of trading floor gasoline

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 the model. petroleum exchange

The establishment of the floor petroleum business 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 the current context of the petroleum market, although there is still a State monopoly, there is basically private participation in retail so it is still possible to set up a floor.

Furthermore, the new decree allows a retail business to purchase goods from multiple sources, which creates the premise for setting up a trading floor.

Regarding this issue, Deputy Prime Minister Le Minh Khai assigned 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, and overcome recent instability in the petroleum market.

On that basis, there will be appropriate implementation solutions according to the authority and regulations of the law. In case of exceeding the authority, report to the Prime Minister in July 2024.

According to businesses, establishing a trading floor also helps agencies manage the quality of goods, manage smuggled goods, fake goods, low-quality goods, and floating goods of gasoline...

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