New regulations on petroleum business activity

​(News Portal – Dong Nai) - The Government has just issued Decree No. 80/2023/ND-CP amending and supplementing a number of articles of Decree No. 95/2021/ND-CP and Decree No. 83/2014/ND-CP on petroleum business. This Decree takes effect from November 17, 2023. 

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Retail gasoline prices will be adjusted every Thursday 

Accordingly, many regulations and contents in the new Decree have been amended and supplemented compared to the previous ones. Specifically, regarding the issue of gasoline retailers being able to buy gasoline from many sources, it will allow gasoline dealers to get gasoline from up to 3 sources to create competition in gasoline discounts in the market, and at the same time increase the proactivity of petroleum retailers in sourcing and supplying petroleum.

Regarding intermediaries in the petroleum business, the general petroleum retail agency will be abolished to reduce intermediaries in the petroleum distribution system. Regarding regulations on storage conditions when granting licenses for wholesale traders and petroleum distributors, supplementing regulations to strengthen management, inspection and supervision of enterprises in petroleum business. At the same time, allow the local Department of Industry and Trade to inspect and supervise traders' compliance with regulations in petroleum business activities. ​

In particular, regarding the time for operating/announcing gasoline prices: shortening the period for adjusting gasoline prices from 10 days to 7 days, the adjusting time for gasoline prices is carried out every Thursday.

Regarding the price formula and method of adjusting gasoline prices, the time to review and announce the cost of bringing gasoline from abroad to Vietnamese ports and the cost of bringing gasoline from domestic refineries to ports, premium to calculate gasoline prices from domestic production sources from 6 months to 3 months to ensure more timely updates of prices and costs for businesses, creating incentives for businesses to create sources of gasoline supply for the domestic market.

In addition, the new Decree also adds regulations, management measures, and stricter supervision of the Petroleum Price Stabilization Fund; amend and supplement a number of regulations to resolve remaining problems and inadequacies to better suit the practical situation...