MoIT to control petrol prices

May 10, 2014 | 17:04

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Deputy Prime Minister Hoang Trung Hai has asked the Ministry of Industry and Trade (MoIT) and the Ministry of Finance (MoF) to complete the draft decree on petrol trading.

Illustrative photo

Accordingly, Hai required the two ministries to complete the draft decree and submit to the prime minister before May 16 for consideration, including a period for the calculation of petrol base price. In addition, they were asked to adjust the amplitude of fuel retail prices in line with the economic conditions including three levels: less than 2 per cent, over 2 per cent to less than 7 per cent and above 7 per cent.

Specifically, if the base price is increased by 2–7 per cent, authorities will review stabilising measures, such as using stabilisation fund.

If the base price is higher than 7 per cent or affects the economy, the prime minister will decide a stabilising solution. If the price is less than 2 per cent, petrol traders will be allowed to self-decide selling price or increase VND500 per litre.

Hai has also approved the handing over of control rights in the domestic fuel market from MoF to MoIT.

In addition, the provincial Department of Industry and Trade will have the authority to grant certificates to agencies to sell petrol. Previously, the MoIT was granting certificates.

VNS

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