"The ministry's amendment to Decree 84 would see the State withdraw control from the local petrol market over a 10-year period" said Quyen.— Photo vinacorp

HA NOI (Biz Hub)— A new plan from the Ministry of Industry and Trade may ease State control of the local petrol market if petrol operators are seen to compete fairly, said Vo Van Quyen, head of the ministry's Domestic Market Department.

Quyen said the aim of modifying Decree 84/2009/ND-CP was to ensure supply and demand, and create healthy competition between enterprises in the future.

The ministry's amendment to Decree 84 would see the State withdraw control from the local petrol market over a 10-year period, said Quyen.

In August, the ministry submitted the amended decree to the Ministry of Justice which has collected opinions on the amended law, he said. The Ministry of Industry and Trade has said it expects to receive the appraisal from the Ministry of Justice this week.

Quyen said, the ministry submitted a schedule to the Government this month outlining the phased reduction in producing and trading petrol A83. Petrolimex, which commands a 50 per cent share of the local petrol market, gained a low profit in the first half this year.

The company achieved a profit of VND388.22 billion ($18.4 million) in the first half this year ; 43 per cent of total profits of VND898 billion, he said. — VNS

Quyen added the figures had been audited due to the company's joint stock status. — VNS