Ministry of Industry and Trade will regulate gasoline prices

The Prime Minister requested the Ministry of Industry and Trade to be the agency presiding over the interdisciplinary team to manage prices and the Petroleum Price Stabilization Fund, replacing the Ministry of Finance.

The Prime Minister has just concluded after the Government's regular meeting on the draft Decree on petroleum business. According to the Government's assessment, besides the positive results, Decree No. 84/2009 also revealed some shortcomings and limitations, requiring amendments and supplements to suit such as the principles of petroleum price management, business conditions and petroleum distribution system...

Wholesalers are entitled to reduce retail prices of gasoline and oil (Photo: KT)

To complete the draft Decree on petroleum trading, the Prime Minister requested to amend and supplement a number of contents of the draft decree in the direction that the Ministry of Industry and Trade is the agency presiding over the interdisciplinary team to manage petroleum prices and the Petroleum Price Stabilization Fund.

The Ministry of Finance performs the function of State management of prices and guides the establishment, management, use, inspection and supervision of the implementation of the Petroleum Price Stabilization Fund.

The adjustment range for retail gasoline prices is implemented at 3 levels. When the factors that make up the fluctuation cause the base price to increase by about 3%, the main trader has the right to decide the corresponding retail price. If the base price increases from over 3% to less than or equal to 7%, the main unit must report to the inter-ministerial level. In case the base price increases by over 7%, the adjustment must be reported to the Prime Minister.

The Prime Minister also requested that the draft Decree be completed in the direction that key traders are entitled to proactively reduce retail prices of gasoline and oil; at the same time, report the implementation to the competent State management agency.

Regarding the base price, the Prime Minister requested not to add the level of expenditure using the price stabilization fund as a factor in the base price. Regarding the base price calculation cycle, the base price is calculated as the average of 15 days closest to the base price calculation date.

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

According to - VOV.VN