Petrol mar­ket to op­er­ate un­der new le­gal frame­work

Viet Nam News - - Home Turf -

The

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.

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