According to the Decree No. 83/2014/ND-CP dated September 03, 2014 of the Government replacing the Decree No. 84/2009/ND-CP dated October 15, 2009 on petrol and oil trading, from November 01, 2014, the interval between two consecutive price adjustments is at least fifteen days, for price increase, and maximum fifteen days, for price lowering.
The Decree also stressed that when changes in price constituents lower the current base price with 15 days, key traders shall reduce the minimum retail price corresponding to the base price at the time of price adjustment by the traders; and the same time, send price declaration documents and price adjustment decisions to competent state agencies and take responsibility before law for adjusted prices; reduction level, interval between two (2) reductions and number of reductions are not limited.
Another significant content is regulation on limiting rights of petrol and oil retail price adjustment by key traders. Accordingly, from November 01, when changes in price constituents increase the base price up to three percent, key traders may increase retail prices corresponding to the base price at the time of price adjustment by the traders; When changes in price constituents increase the base price between over 3% to 7%, key traders shall send price declaration documents and expected price adjustment levels to competent state agencies. When changes in price constituents increase the base price over 7% or when the price hiking will badly affect the socio-economic development and people’s life, the Ministry of Industry and Trade and Ministry of Finance shall report specific management measures to the Prime Minister for consideration.
From November 01, petrol and oil traders shall organize the examination and inspection bi-annually at petrol and oil establishments to make sure that it complies with regulations on fire prevention and environmental protection.
This Decree takes effect on November 01, 2014.
