Petrol price management suggested to come under Ministry of Industry and Trade

The Ministry of Finance (MOF) has suggested that petrol prices should come under the management of a single ministry, the Ministry of Industry and Trade (MOIT).
A filling station in Hai Phong.
A filling station in Hai Phong.

Under the suggestion, the MOIT would be the state agency that determines the retail prices of oil products and the commission levels, as well as operates, supervises and utilises the petrol stabilisation fund.

The MOF would only be responsible for inspection and supervision tasks under its jurisdiction.

According to the MOF, this method has been assessed after reviewing the reality and legal bases to ensure that the regulation of petrol and oil prices is more proactive and effective.

In addition, the MOIT is the agency that manages and licenses petrol trading activities, therefore the ministry has the necessary details of such activities to determine the prices accurately and proactively.

The retail prices of petrol are currently adjusted three times a month on the 1st, 11th and 21st days of each month.