Vietnam to Float Petroleum Price from Dec 15
The government of Vietnam has allowed petroleum traders to float the domestic retail prices from December 15 when a new decree on petroleum trading takes effect.
The Decree No. 84/2009/NĐ-CP will replace the Decree No. 55/2007/NĐ-CP, which was issued on April 6, 2007.
Under the new regulation, traders must lower domestic petroleum prices when the global imported prices fall by 12% and should raise the local prices in line with the rise in the imported prices of 7%.
Price adjustments should be made for a maximal 10 days apart.
When the imported prices continue to drop over 12%, the traders must cut the domestic prices consecutively without any limited time between two adjustments.
Meanwhile, traders are allowed to continue to raise the domestic prices if the imported prices soar between 7% and 12%.
The decree also said that traders must ensure petroleum reserve for a minimum 30-day period through 2025.
In order to get a business license, any new filling station must satisfy three conditions of suitable location, standard equipment and facilities, and staffs with good knowledge about fire-fighting and environmental protection.
Currently, price of gasoline A92 is VND16,300/liter; diesel VND14,300/liter, kerosene VND15,200, and fuel oil VND12,700/kg in Vietnam. (VNA)
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