Fuel prices might be adjusted three times per month

Sunday, Sep 27, 2020 14:52

Mini petrol stations were popular in remote areas but there was a lack of regulations for their operation. — antv.gov.vn

Fuel prices may be reviewed and adjusted three times per month instead of two as currently, according to the latest version of a draft decree amending Decree No 83 on petrol and oil trading.

Under the draft, fuel prices would be adjusted every ten days, on the first, 11th and 21st of each month.

Tran Huy Dong, Director of the Ministry of Industry and Trade's Domestic Market Department, said adjusting fuel prices every 10 days aimed to ensure the domestic price would more closely follow world prices.

If there were increases or decreases by 10 per cent or higher in the prices of factors relevant to fuel prices, the Ministry of Industry and Trade must report to the Prime Minister, the draft said. Currently, changes of 7 per cent or higher must be reported to the Prime Minister.

Dong said that reporting to the PM when there were changes from 10 per cent or higher, instead of 7 per cent, would give more room for ministries to be flexible in managing fuel prices when there were huge fluctuations. Reporting to the Prime Minister would take more time for a decision.

Dong added that the Ministry of Industry and Trade and Ministry of Finance were considering the formula for calculating the base fuel price based on the prices of imported and domestically-produced fuel.

Regarding the proposal to allow the operation of mini petrol stations, the draft said these stations would only be allowed to be opened in remote areas where distributors had not invested in building traditional petrol stations.

According to Dong, only fuel traders with permission can open mini petrol stations.

The list of localities where mini petrol stations were allowed to be opened would be made public, Dong said.

At a meeting in late August, Deputy Prime Minister Trinh Dinh Dung asked for careful consideration to be given to the opening of mini petrol stations, including regulations about fire prevention and fuel quality. — VNS

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