Vietnam: How shall petrol and oil distributors adjust petrol and oil retail prices?

09:24, 06/09/2014

This is a notable content mentioned in Decree No. 83/2014/NĐ-CP of Vietnam’s Government on petrol and oil trading.

According to Vietnam’s current regulations, petrol and oil distributor means a trader that buys petrol and oil from a key trader and, apart from selling petrol and oil at its/his/her petrol and oil retail stations, organizes a system of subsidiary agents or retails petrol and oil through retail franchisees.

Petrol and oil retail prices means prices posted up at petrol and oil retail stations.

dieu chinh, gia ban le xang dau, nghi dinh 83/2014/NĐ-CP

According to Decree No. 83/2014/NĐ-CP of Vietnam’s Government, adjustment of petrol and oil retail prices of petrol and oil distributors is guided as follows:

- Based on petrol and oil wholesale prices of key traders, petrol and oil distributors shall set common petrol and oil retail prices in their distribution systems which must not be higher than the base price announced by the Ministry of Industry and Trade and Ministry of Finance.

- When adjusting retail prices, petrol and oil distributors shall concurrently send price adjustment decisions to competent state management agencies for inspection and supervision under regulations.

Thus, petrol and oil distributors must not adjust the petrol and oil retail prices at their own discretion, but must adjust based on petrol and oil wholesale prices of key traders and ensure full procedures as prescribed in Decree No. 83/2014/NĐ-CP.

View more details at Decree No. 83/2014/NĐ-CP of Vietnam’s Government, effective from November 01, 2014.

Thu Ba

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