Research on adjusting and improving the fuel preservation fee in Vietnam

Research on adjusting and improving the fuel preservation fee in Vietnam

In tasks and solutions to be completed before the end of 2025, the content regarding gasoline prices is determined as follows:

- Conduct research on adjusting and improving the fuel preservation fee. Issue a decree amending and supplementing Decree 95/2021/ND-CP and Decree 83/2014/ND-CP on petroleum business to address existing limitations and challenges in petroleum business activities, ensuring compliance with market conditions and practical requirements.

- Establish mechanisms to hold businesses responsible for petroleum production, ensuring minimum production limits and commitments to supply volumes.

In addition, the task also includes determining the price of electricity, with the following solutions to be implemented by the end of 2025:

- Improve the electricity pricing mechanism to encourage and promote the strong development of renewable energy sources, including waste-to-energy and biomass power; resolve obstacles in wind and solar power projects in the previous phase.

- Urgently establish and implement a direct power purchase contract mechanism between renewable energy power plants and large electricity consumers; auction and tender mechanisms for selecting investors of power projects to ensure transparency, fairness, and risk sharing among parties involved; timely adjust retail electricity prices based on actual fluctuations in input parameters such as fuel prices and exchange rates, ensuring macroeconomic stability and social welfare, while also compensating for reasonable costs and profits to preserve the business capital, especially to promote competition in the electricity supply sector; reduce the time between price adjustments.

More details can be found in Resolution 937/NQ-UBTVQH15, approved on December 13, 2023.

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