Decision No. 2772/2005/QD-BTM dated November 21, 2005 of the Ministry of Trade reducing of retail prices of petrol

DECISION

RE: REDUCING OF RETAIL PRICES OF PETROL

MINISTER OF TRADE

Pursuant to Decree 29/2004/ND-CP dated January 16, 2004 by the Government on functions, tasks, powers, and organization of the Ministry of Trade;

Pursuant to Decision 187/2003/QD-TTg by the Prime Minister on promulgation of the Regulations on management of oil and petrol trading;

Based on recent situation of the world market for oil and upon on agreement with the Ministry of Finance,

HEREBY DECIDES:

Article 1: To allow major businesses importing and trading oil and petrol to reduce petrol prices by VND500 per litre from indicator prices as specified in Decision 58/2005/QD-BTC dated August 17, 2005 by the Minister of Finance on orientation of oil and petrol prices in 2005; retail prices of petrol (including VAT) at environment temperature at retail sale stations nationwide are as below:

+ Non-lead RON 92 petrol: VND9,500 per litre

+ Non-lead RON 90 petrol: VND9,300 per litre

+ Non-lead RON 83 petrol: VND9,100 per litre

- Prices of other kinds of petrol are decided by major businesses based on real selling prices of standard kinds of petrol in the same market.

- Localities which are far from international ports accommodating oil and petrol ships (as specified in Decision 0674/2004/QD-BTM dated May 31, 2004 by the Ministry of Trade) are allowed to increase the aforesaid prices by no more than 2%.

Article 2: Points of sale:

- Wholesales: Petrol is loaded to means of transport of buyers at central stores of provinces and cities;

- Retail: Petrol is loaded to means of transport of buyers at sale stations and retail shops in provinces and cities.

Article 3: Responsibilities of major businesses importing and trading oil and petrol and Departments of Trade/Trade and Tourism of provinces and cities under direct central management:

1. Major businesses importing and trading oil and petrol are in charge of checking quantity of petrol of all kinds in compliance with the regulations of current practice before adjusting reducing selling prices of petrol in order to prevent any wrongdoings and guarantee proper trading activities; responsible for any violations of selling prices of petrol by their affiliates and subsidiary distribution systems.

2. Departments of Trade/Trade and Tourism coordinate with Department of Finance to check implementation of the new prices in their localities, discover violations and deal with those within their scope of powers in compliance with the law or report to competent agencies for their settlement.

Article 4:  This Decision comes into effect on 6.00 AM of November 22, 2005./.