The Ministry of Industry and Trade will regulate gasoline and diesel prices.

The Prime Minister has instructed the Ministry of Industry and Trade to take the lead in the inter-ministerial committee managing fuel prices and the Fuel Price Stabilization Fund, replacing the Ministry of Finance.

The Prime Minister has just issued conclusions following a regular government meeting on the draft Decree on petroleum business. According to the government's assessment, in addition to positive results, Decree No. 84/2009 also reveals some shortcomings and limitations, requiring amendments and additions to ensure suitability, such as those concerning the principles of petroleum price management, business conditions, and the petroleum distribution system…

Wholesale distributors have the right to reduce retail gasoline and diesel prices (Photo: KT)

To finalize the draft Decree on petroleum business, the Prime Minister requested amendments and additions to several contents of the draft decree, stipulating that the Ministry of Industry and Trade will be the lead agency of the inter-ministerial committee managing petroleum prices and the Petroleum Price Stabilization Fund.

The Ministry of Finance performs the function of state management of prices and is also responsible for guiding the establishment, management, use, inspection, and supervision of the implementation of the Fuel Price Stabilization Fund.

The retail price of gasoline and diesel is adjusted according to three levels. When the constituent factors fluctuate, causing the base price to increase by approximately 3%, the main distributors have the right to determine the corresponding retail price. If the base price increases from over 3% to less than or equal to 7%, the main distributors must report to the relevant ministries. If the base price increases by more than 7%, the adjustment must be reported to the Prime Minister.

The Prime Minister also requested that the draft Decree be finalized to allow wholesale traders to proactively reduce retail gasoline and diesel prices; and to report on its implementation to the competent state management agency.

Regarding the base price, the Prime Minister requested that no additional expenditure from the price stabilization fund be included as a component of the base price. Regarding the calculation cycle for the base price, the base price will be calculated as the average of the 15 days immediately preceding the base price calculation date.

The Prime Minister requested the Ministry of Industry and Trade to urgently review and finalize the draft Decree, and report it to the Prime Minister for consideration and decision.

According to VOV.VN