SHORTENING THE MANAGEMENT PERIOD FOR PETROLEUM PRICES

The government has issued Decree No. 80/2023/ND-CP on November 17, 2023, amending and supplementing certain provisions of Decree No. 95/2021/ND-CP dated November 1, 2021, and Decree No. 83/2014/ND-CP dated September 3, 2014, regarding petroleum business (“Decree 80“).

Decree 80 is considered a new advancement in the petroleum supply chain. One noteworthy point in Decree 80 is the shortening of the management period for petroleum prices.

Here, let’s explore the details together with Bizlawyer!

Decree 80 stipulates a reduction in the management/publication period for petroleum prices to 7 days instead of the previous 10 days as per earlier decrees. Specifically, whereas previously the management of petroleum prices occurred on the 1st, 11th, and 21st of every month, under Decree 80, the price management is fixed to occur every Thursday. Except for specific cases:

If the management day falls on certain special days in the year, it will be executed as follows:

If Thursday coincides with the last day of the lunar calendar (29th or 30th of Tet holiday), the petroleum price management will be conducted on the preceding Wednesday;

If Thursday falls on the 1st, 2nd, or 3rd day of Tet holiday, the price management will be conducted on the 4th day of Tet;

In cases where the management time coincides with designated holidays, it will be handled as follows: If Thursday aligns with the first day of a holiday, the price management will be conducted on the preceding Wednesday. If Thursday aligns with other holiday days, the price management will be carried out on the first working day after the holiday period.

In case petroleum products experience abnormal fluctuations affecting socio-economic development and people’s lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister to review and decide on an appropriate petroleum price management period.

The shortening of the management period for petroleum prices under Decree 80 has the potential to address the “phase lag” between domestic petroleum prices and global prices, contributing to better control of consumer price indices and balancing the interests between petroleum business enterprises, users of petroleum products, and consumers.

The above constitutes the entire content of the news: Shortening the management period for petroleum prices under Decree 80. Decree 80 will take effect from November 17, 2023.

This news is solely intended to inform about newly issued legal regulations and is not meant for specific advisory or application purposes.

We hope this information is beneficial to our readers.