Ministry mulls amending fuel trading law
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The Ministry of Finance has sought permission from the government to amend Decree No 84 on the management of the fuel trading activities, in a bid to increase the transparency of wholesalers’ financial states, and reducing disadvantages for consumers.
At a Petrolimex fuel dealer Photo: Tuoi Tre
The adjustments focus on changing the cost price calculation, commission granting, and the deduction for the price stabilization fund, in a way that matches the real market development, the ministry said.
It demanded that the ‘fixed profit’ be removed from the fuel cost price calculation, to increase the transparency of the losses and profitable states of the fuel wholesalers.
Currently, a set profit of VND300 is allowed to be included in fuel retail prices, which means wholesalers will always enjoy at least VND300 in profits on every liter of fuel, regardless of the selling prices.
While fuel retail prices are currently adjusted based on the average import prices within 30 days, the ministry said it is seeking to cut the period down to 10 days, to make sure domestic prices will not lag behind world trend.
In the regard to the fuel price stabilization fund, the ministry demanded that the fund be kept in the state treasury, rather than being put in the hands of wholesalers as the current regulation.
This is to avoid the fund from being misused by the fuel companies, the ministry explained.