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

November 17, 2023, 6:00 PM Van Hang Print article

ANTD.VN - Decree 80/2023/ND-CP on petroleum business has many new points: retail dealers can import gasoline from 3 sources, and the time for adjusting gasoline prices has been shortened 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 business came into effect on 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 business.

Decree 80 amends and supplements several key contents as follows: Regarding the pricing formula and method of managing gasoline and diesel prices: adjusting the time for reviewing and publishing the costs of bringing gasoline and diesel from abroad to Vietnamese ports, the costs of bringing gasoline and diesel from domestic refineries to ports, and the premium used to calculate the price of gasoline and diesel from domestic production sources from 6 months to 3 months to ensure more timely updates on prices and costs for businesses, creating incentives for businesses to create sources of gasoline and diesel to supply the domestic market.

Regarding the timing of fuel price adjustments/announcements: the fuel price adjustment period will be shortened from 10 days to 7 days, with fuel prices being adjusted every Thursday.

Regarding the issue of gasoline retailers purchasing fuel from multiple sources: allowing gasoline retailers to source fuel from a maximum of three sources aims to create competition in fuel discounts in the market, while also increasing the autonomy of gasoline retailers in sourcing and supplying fuel.

Regarding intermediaries in the petroleum business, Decree 80 abolishes the type of general retail petroleum agency in order to reduce intermediaries in the petroleum distribution system.

Regarding regulations on storage facility conditions when granting licenses to primary and secondary petroleum traders: Additional regulations are being added to strengthen management, inspection, and supervision of businesses involved in petroleum trading; and to decentralize the authority of local Departments of Industry and Trade to inspect and supervise compliance with regulations by traders in petroleum trading activities.

The new decree also amends and supplements regulations on cases for revoking petroleum business licenses of traders to ensure compliance with the law and avoid sudden disruptions in the supply of petroleum, especially during times when domestic petroleum supply is affected or scarce.

Regarding the fuel price stabilization fund, Decree 80 adds regulations and measures for stricter management and supervision; it also amends and supplements some regulations to address remaining problems and shortcomings, making them more suitable to the practical situation.

In addition, the Ministry of Industry and Trade, in coordination with the Ministry of Finance and other relevant agencies, will continue to review, research, and develop a new Decree to replace the existing Decrees on petroleum business, which will be submitted to the Government in the near future.

Decree 80 came into effect on November 17, 2023.

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