Decree 95/2021/ND-CP amending and supplementing the Decree 83/2014/ND-CP on petrol and oil trading
Petrol and oil distributors may decide the retail prices of petrol and oil
This is a new content in the Government’s Decree No. 95/2021/ND-CP dated November 01, 2021 amending and supplementing a number of articles of the Decree No. 83/2014/ND-CP dated September 03, 2014, on petrol and oil trading.
Specifically, based on the actual situation at each enterprise, key petrol and oil traders and petrol and oil distributors shall decide the retail prices of petrol and oil (or the wholesale price, for fuel oil) in their distribution system in accordance with the actual expenses incurred at the enterprise and ensuring that such prices shall be not higher than the one announced by the competent state agency.
For localities far away from petrol and oil key depots, far away from petrol and oil production establishments, if there are reasonable and valid (audited) actual expenses incurred, leading to a sale price higher than the regulating price, key petrol and oil traders may decide the actual sale price in such localities (that has been notified to the Ministry of Industry and Trade) to offset the expenses but the increasing amount must not exceed 2% of the regulating price announced at that time.
In that case, key petrol and oil traders and petrol and oil distributors shall be responsible for notifying their sale prices to the Ministry of Industry and Trade and the Ministry of Finance right after deciding on the petrol and oil sale prices of the enterprise.
This Decree takes effect on January 02, 2022.
For further details of the Decree 95/2021/ND-CP, Click here
translation of the Official Gazette of the Vietnam News Agency
THE SOCIALIST REPUBLIC OF VIETNAM
Hanoi, November 1, 2021
Amending and supplementing a number of articles of the Government’s Decree No. 83/2014/ND-CP of September 3, 2014, on petrol and oil trading
Pursuant to the June 19, 2015 Law on Organization of the Government, and the November 22, 2019 Law Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration;
Pursuant to the June 14, 2005 Commercial Law;
Pursuant to the June 20, 2012 Law on Price;
At the proposal of the Minister of Industry and Trade,
The Government promulgates the Decree amending and supplementing a number of articles of the Government’s Decree No. 83/2014/ND-CP of September 3, 2014, on petrol and oil trading.
Article 1. To amend and supplement a number of articles of the Government’s Decree No. 83/2014/ND-CP of September 3, 2014, on petrol and oil trading (below referred to as Decree No. 83/2014/ND-CP)
1. To amend and supplement Clause 2, Article 2 as follows:
“2. This Decree does not apply to traders that import, export, produce and process petrol and oil of all kinds for their own demand with a volume not exceeding 200 liters/kg/month and without selling them on the market.”
2. To amend and supplement Clauses 1, 3, 7, 9, 10 and 11, Article 3 as follows:
“1. Petrol and oil is a general term used to refer to products of the technological process of distilling and refining crude oil, wastes and other materials to turn out products for use as fuel, including petrol, diesel fuel, kerosene, fuel oil, aviation fuel, biofuel, and other products used as fuel, excluding liquefied gas and compressed natural gas of all kinds.”
“3. Petrol and oil production means the technological process of distilling and refining crude oil, petrol and oil products, semi-finished petrol and oil products, wastes and other materials into petrol and oil products.”
“7. Global petrol and oil prices means prices at which petrol and oil products are traded on the international market as determined and announced by the Ministry of Industry and Trade.”
“9. Base price shall be determined based on price constituents gathered from sources of domestically produced and imported petrol and oil products, and used as a basis for state agencies to determine the regulated price (base price minus (-) level of spending of the Price Valorization Fund), which is the basis for deciding on domestic petrol and oil retail prices (or the wholesale price for fuel oil).