Draft amended decree allows fuel businesses to set, announce retail prices

On September 30, the Ministry of Industry and Trade convened a conference to solicit feedback on a draft amended decree pertaining to petroleum trading. The proposed decree intends to supersede the current regulations that govern this industry. Among the noteworthy proposals is the allowance for petroleum businesses to autonomously set and declare retail fuel prices, rather than the state periodically announcing a base price, which occurs every seven days currently.

The businesses would calculate, determine, and publicly announce their selling prices according to the formula and principles outlined in the draft decree.

Deputy Minister of Industry and Trade Nguyen Viet Son highlighted that the draft would have a direct impact on thousands of petroleum businesses, retail outlets, and consumers. The reform of the management mechanism is intended to coincide with the assurance of fuel supply, energy security, and macroeconomic stability. The primary goal of the proposed decree, according to the Deputy Minister, is to streamline administrative procedures, minimize intermediaries, and boost business competitiveness.

With this new decree, businesses would enjoy greater autonomy in their operations, while the regulatory framework would still need to ensure sufficient supply and the ability to adapt to market fluctuations.