Fuel prices are adjusted every 7 days.
The frequency of gasoline and diesel price adjustments has been reduced from 10 days to 7 days, with price adjustments now taking place every Thursday.
Price adjustments are made every Thursday.
On November 17th, the Government issued Decree No. 80/2023/ND-CP amending and supplementing a number of articles of Decrees 83 and 95 on the business of gasoline and oil.
Regarding pricing formulas and methodsmanaging gasoline and diesel prices.The Decree adjusts the review and publication time for the costs of bringing gasoline and diesel from abroad to Vietnamese ports, the costs of bringing gasoline and diesel from domestic refineries to ports, and the premium used to calculate the price of gasoline and diesel from domestic production sources from 6 months to 3 months, in order to ensure more timely updates on prices and costs for businesses, and to create incentives for businesses to generate gasoline and diesel to supply the domestic market.
The time for adjusting/announcing gasoline and diesel prices has also been shortened from 10 days to 7 days, with price adjustments now taking place every Thursday.
Retail gasoline and diesel dealers are allowed to purchase fuel from multiple sources instead of just one. The decree permits dealers to source fuel from up to three sources to create competition in fuel discounts on the market, while also increasing the autonomy of retail gasoline and diesel dealers in sourcing and supplying fuel.
The decree also eliminates intermediaries in the gasoline and oil business, specifically abolishing the type of general retail gasoline and oil agency in order to reduce intermediaries in the gasoline and oil distribution system.
The decree also adds regulations to strengthen the management, inspection, and supervision of businesses involved in the gasoline and oil trading; at the same time, it decentralizes the authority to local departments of industry and trade to inspect and supervise the compliance of traders with regulations in the gasoline and oil trading business.
Strictly control the fuel price stabilization fund.
The decree supplements regulations and measures to ensure stricter management and supervision ofPrice Stabilization FundGasoline, diesel.
Wholesale gasoline and oil traders are obligated to establish a Price Stabilization Fund; to account for and monitor the Price Stabilization Fund separately through an account opened at a commercial bank or a branch of a foreign bank legally operating in Vietnam (hereinafter referred to as the bank) in accordance with the provisions of this Decree and the guidance of the Ministry of Finance. Wholesale gasoline and oil traders are fully responsible before the law for selecting the bank, managing, and ensuring the preservation of the Price Stabilization Fund balance.
This account is to be used solely for the purpose of allocating and utilizing the enterprise's Price Stabilization Fund in accordance with the Ministry of Industry and Trade's announcement on gasoline and diesel price adjustments.
Every six months, before August 15th and February 15th of each year, gasoline and diesel fuel wholesalers are responsible for submitting a specialized (independent) audit report on the Gasoline and Diesel Fuel Price Stabilization Fund to the Ministry of Finance and the Ministry of Industry and Trade.
Before the 15th of each month, gasoline and diesel fuel wholesalers are responsible for preparing and submitting a report to the Ministry of Finance and the Ministry of Industry and Trade on the implementation of the Gasoline and Diesel Price Stabilization Fund for the preceding month, including: the opening balance of the Gasoline and Diesel Price Stabilization Fund; the total volume and types of gasoline and diesel fuel for which contributions were made and used only during the reporting period; the total amount contributed to the Gasoline and Diesel Price Stabilization Fund during the reporting period; the total amount used only during the reporting period; interest generated on the positive or negative balance of the Gasoline and Diesel Price Stabilization Fund during the reporting period; the closing balance of the Gasoline and Diesel Price Stabilization Fund; and they are also responsible for attaching a copy of the Gasoline and Diesel Price Stabilization Fund account statement for the reporting period.
"Petroleum wholesalers are fully responsible for the accuracy of the data and information reported," the Decree states.
Wholesale gasoline and diesel traders who have been penalized for administrative violations but repeatedly violate regulations on the establishment, use, and transfer of the Gasoline and Diesel Price Stabilization Fund, or fail to transfer the Gasoline and Diesel Price Stabilization Fund as stipulated in this Decree and guiding documents, will be considered for temporary suspension of business or revocation of their Certificate of Eligibility to be a Wholesale Gasoline and Diesel Trader.
The suspension period is 30 or 60 days, depending on the severity of the violation.
