Photo: Le Toan

According to MoIT, the decision was made after noting the opinions of ministries, sectors, and businesses regarding the amendment of Decree No.95/2021/NQ-CP and Decree No.83/2014/ND-CP on petroleum trading.

The MoIT stated in a report that the revision of petroleum trading regulations will focus on adjusting the price formula, operating method, operating time, and price announcement. There are numerous suppliers on the market; therefore, permitting agents to choose and switch suppliers will increase source flexibility, particularly during market fluctuations.

According to petrol and oil retailers, the reality that agents can only be obtained from a current source is one of the reasons why businesses incurred losses when the market fluctuated over the past year.

In accordance with the regulations governing the revocation of certificates of eligibility for key enterprises, the distribution of diesel and oil will be revised to be more appropriate. The intermediaries in the petroleum distribution system will reduce their presence (eliminate the function of general agents) and be more specific regarding the mandatory circulation reserve.

The proposed amendments to decrees 95 and 83 regarding the sale of diesel and oil are drafted in accordance with the streamlined order and procedures. To achieve the objective of ensuring supply and national energy security, the modification of regulations is intended to address the recent market instability.

Previously, in mid-April, Deputy Prime Minister Le Minh Khai tasked the drafting agency with examining regulations on business expenses and the return of profits to retail as part of the process of correcting petrol trading regulations.