Heavy fines for deliberately adjusting petrol and oil retail prices not in accordance with regulations in Vietnam

Heavy fines for deliberately adjusting petrol and oil retail prices not in accordance with regulations in Vietnam (Internet image)

Article 21 of Decree 99/2020/ND-CP stipulates penalties for a number of violations against petrol and oil retail prices and process for adjusting petrol and oil retail prices in Vietnam as follows:

1. A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed for listing petrol and oil retail prices inconsistently with those regulated by petrol and oil wholesalers or distributors.

2. A fine ranging from VND 30,000,000 to VND 50,000,000 shall be imposed for deliberately adjusting petrol and oil retail prices at the time other than the one regulated by petrol and oil wholesalers or distributors.

3. A fine ranging from VND 50,000,000 to VND 70,000,000 shall be imposed for failure to send notifications or failure to send decisions on petrol and oil retail prices applied to units belonging to the petrol and oil distribution system ahead of the effective time of these prices in the case of any increase or decrease in petrol and oil retail prices.  

4. A fine ranging from VND 100,000,000 to VND 120,000,000 shall be imposed for failure to correctly implement regulations on the sequence of adjusting prices or failure to implement regulations on the minimum time interval between two consecutive price adjustments in the case of adjusting the petrol and oil retail prices.

In addition, the certificate of eligibility to act as a petrol and oil retail outlet shall be suspended for 01 - 03 months if the violation of deliberately adjusting petrol and oil retail prices at the time other than the one regulated by petrol and oil wholesalers or distributors. The violator who commits act of of deliberately adjusting petrol and oil retail prices at the time other than the one regulated by petrol and oil wholesalers or distributors is compelled to return the illegal profits obtained from the violation.

More details can be found in Decree 99/2020/ND-CP, issued on August 26, 2020.

Le Vy

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE