Petrol market to operate under new legal framework
domestic petroleum market is expected to become more competitive and closer to world standard following the issuance of Decree 83.
The new decree, which takes effect on November 1 and replaces Decree 84 of 2009, creates a legal framework for the domestic market to operate in accordance with market rules.
Phan Theá Rueä, chairman of the Vieät Nam Petroleum Association (VINPA), told a conference here last week that under the new decree, distributors could purchase petrol from several wholesale businesses at different prices and calculate and decide on their own retail prices. The new decree will also admit merchants and franchisees.
Ngoâ Trí Long, former deputy head of the Finance Ministry's Institute for Market and Price Research, said that allowing price increases of up to three per cent without the permission of management agencies could make wholesalers conspire to increase prices.