Legal Counselling

04 principles of fuel loss rate management in Vietnam

14:50, 11/12/2015

On December 08, 2015, the Ministry of Industry and Trade of Vietnam issued Circular No. 43/2015/TT-BCT stipulating the fuel loss rate in petroleum trading.

Principles of fuel loss rate management are specified in Circular No. 43/2015/TT-BCT of the Ministry of Industry and Trade of Vietnam as follows:

- The fuel loss rate stated in this Circular is denominated as maximum fuel loss rate.

- The loss that may incur by each RON95, RON92, biofuel E5, E10, ethanol fuel E100, kerosene oil (KO), jet fuel JET A-1, diesel oil (DO 0.05% S), (DO 0.25% S), furnace oil (FO), must be kept under control and entered into accounting and final settlement records.

- The loss amount and value of petroleum products are not allowed to complement or offset against each other within the same settlement period. With respect to different types of petroleum products which are pumped and carried through the same pipeline, mixed-up portions of petroleum products are allowed to complement or offset against each other in quantity.

- Where there appears any abnormal loss exceeding the loss rate stipulated in this Circular, petroleum traders shall be responsible for determining which elements cause such loss and take prompt measures to prevent and minimize any likely damaging effect.

View more details at Circular No. 43/2015/TT-BCT of the Ministry of Industry and Trade of Vietnam, effective from May 01, 2016.

- Khanh Chi -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

22 lượt xem

- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn