This new Decree will replace previous decrees on petroleum business including Decree 83, Decree 95 and Decree 80, which were just issued on November 17, 2023.
To develop the new decree, the Ministry of Industry and Trade requests that the Departments of Industry and Trade review and evaluate the positive and negative aspects of the current regulations in the decrees on petroleum business and contribute and propose new contents for the decree. Comments should be sent to the Ministry of Industry and Trade before January 12.
Dr. Giang Chan Tay - Director of Boi Ngoc Petroleum Company said that when issuing Decree 80 on petroleum business, the Government requested the Ministry of Industry and Trade to 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 near future.
The newly issued Decree 80 only partially addresses the shortcomings of the petroleum market in recent times. To thoroughly address the shortcomings and limitations in the management and operation of the petroleum market, a completely new decree is needed.
When drafting the new decree, according to Dr. Giang Chan Tay, the regulatory agency must ensure the goal of meeting the supply of gasoline and oil, while ensuring that gasoline and oil prices contribute to controlling CPI and solving the problem of competition and the market.
What should be done to make the petroleum market achieve the highest goal of ensuring energy security for the country, controlling CPI - one of the main balances of the economy , promoting competition, and promoting business development?
"Regarding the viewpoint in drafting this decree, I think it is necessary to have consistent viewpoints on fair competition, freedom of business and transparency, thereby meeting the requirements of businesses and people.
Administrative orders are only a temporary solution and cannot be as sustainable as market orders. This is also an important requirement in this amendment of Decree 80, creating favorable conditions for businesses that want to sell, compete, invest, and serve," said Dr. Giang Chan Tay.
In its conclusion dated January 4, 2024, the Government Inspectorate pointed out that, for nearly 5 years (from 2017 to September 2022), due to loose management by the Ministry of Industry and Trade, petroleum key enterprises did not create sources according to regulations, affecting the market's petroleum supply and this was the cause of supply disruption in 2022.
At the same time, the obligation and responsibility of the main traders is to implement the total source, stabilize the market when necessary... but they buy and sell from each other, leading to the main traders becoming distributors, through intermediaries increasing circulation costs to enjoy price differences.
The Government Inspectorate has recommended that the Prime Minister direct the Ministry of Industry and Trade to preside over and coordinate with the Ministry of Finance to review and handle the amount of money that key traders have set aside for the Petroleum Price Stabilization Fund (BOG) using the wrong type of gasoline, over VND 1,013 billion, and spent about VND 2,140 billion on the wrong type of gasoline because the Ministry of Industry and Trade - Finance jointly issued a document with unclear regulations on the type of gasoline to be set aside for the BOG Fund.
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