Vietnam PM sets November 10 deadline for draft fuel trading decree
The proposal would let petroleum traders set retail prices within their networks using a prescribed formula, replacing periodic state benchmark prices.
Vietnamese Prime Minister Le Minh Hung has directed the Ministry of Industry and Trade to finish a draft decree overhauling petroleum trading rules and submit it for government consideration by November 10.
The instructions, set out in Government Office Document No. 10747/VPCP-CN dated October 21, require the ministry to coordinate the review with the ministries of Finance, Justice, Construction and Public Security and other relevant agencies.
The proposed pricing system would end the state's periodic publication of benchmark fuel prices. Key petroleum traders and distribution traders would instead announce retail prices for their own networks using a formula specified in the decree. Following adjustments, they would have to declare the prices and notify authorities for oversight.
The prime minister also called for fewer key petroleum traders, stronger supply and reserve capacity, and clearer obligations to keep the market supplied. That restructuring must proceed along a workable timetable without market disruption.
Other requirements include removing unnecessary intermediaries and cutting distribution costs. The pricing framework must give authorities tools to monitor price-setting factors, stabilise prices and prevent speculation, manipulation and unreasonable increases.
Separately, the ministry was instructed to prepare and carry out plans to maintain sufficient petroleum supplies in all circumstances, coordinating with relevant agencies to avert shortages and interruptions.
