Data on facilities, distribution, and petroleum inventories of enterprises must be connected to the Ministry of Industry and Trade.

Pursuant to the Government's direction, the Ministry of Industry and Trade has developed and submitted to the Government a draft new Decree on petroleum trading, replacing Decree No. 83/2014/ND-CP dated September 3, 2014 of the Government on petroleum trading and decrees amending and supplementing Decree No. 83/2014/ND-CP. The Government Office has organized a consultation session for this draft Decree with Government members.

The draft Circular detailing a number of articles of the new decree on petroleum trading is also being consulted by the Ministry of Industry and Trade, consisting of 5 chapters and 23 articles.

One of the notable contents of the draft is the regulation on connecting petroleum business data. Specifically, the main petroleum business trader shall connect petroleum business data (data on facilities serving petroleum business, data on petroleum distribution system, data on petroleum import - export - inventory) with the Ministry of Industry and Trade, compatible with the electronic program prescribed by the Ministry of Industry and Trade.

Based on the records and documents on the implementation of connecting petroleum business data provided by the trader, the Domestic Market Department transfers the records and documents on the implementation of connecting petroleum business data of the trader to the Department of E-commerce and Digital Economy. The Department of E-commerce and Digital Economy evaluates and sends a notice confirming the completion/incompletion of connecting petroleum business data of the trader with the Ministry of Industry and Trade to the Domestic Market Department.

In addition, the draft Circular stipulates on petroleum retail agency contracts, petroleum retail franchise contracts, and petroleum purchase and sale contracts.

Specifically, the contract must be made in writing, in addition to the agreements of the two parties, with the main contents such as: name, address, tax code of the delivering party and the receiving party, the franchisor and the retail franchisee, the seller and the buyer of gasoline depending on the form of contract; quantity, quality, type of gasoline; method of delivery; agent's remuneration, retail franchise fee for gasoline, gasoline purchase and sale price depending on the form of contract.

In addition, the draft Circular also determines and announces world oil prices.

Accordingly, the world price of petroleum products is the price of finished petroleum products traded on the international market, compiled from one or several reputable news agencies.

The Ministry of Industry and Trade determines that the petroleum products for which the state announces world petroleum prices to apply in the petroleum price formula are unleaded gasoline (100% fossil origin) and diesel fuel that are commonly consumed in the market.

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The Ministry of Industry and Trade has just issued a draft Circular detailing a number of articles of the new decree on petroleum trading. Photo: Chi Hung

For the export of petroleum and raw materials, petroleum wholesale traders and petroleum producers are allowed to export petroleum and raw materials according to the plan registered with the Ministry of Industry and Trade.

The Ministry of Industry and Trade considers traders' requests to export petroleum based on the balance of supply and domestic consumption demand, to ensure that exports do not affect the supply and demand of petroleum in the domestic market.

"Only traders with a certificate of eligibility to act as a petroleum wholesaler are allowed to temporarily import, re-export, and transit petroleum and raw materials," the draft states.

Ministry of Industry and Trade does not announce world prices

In addition, the draft Circular also stipulates the principles for developing and adjusting the constituent elements in the gasoline price formula.

Accordingly, the constituent elements in the gasoline price formula are built based on current relevant legal regulations, the results of synthesizing data from key gasoline traders, gasoline producers and the actual situation of gasoline business activities in each period.

The standard costs in the selling price of gasoline are the maximum total costs reviewed, evaluated and built on the basis of data sources according to the provisions of the new decree on gasoline trading.

For petroleum products, the Ministry of Industry and Trade does not announce world prices. Traders base their determination on the formula for calculating the costs that make up the petroleum price in the new decree on petroleum trading and this circular.

After adjusting the selling price of gasoline, the main trader of gasoline must announce the wholesale and retail prices of gasoline in the distribution system and notify the Ministry of Industry and Trade, the provincial People's Committee, the Department of Industry and Trade and the market management agency where the trader has a distribution system.

After adjusting the selling price of gasoline, petroleum distributors must announce the wholesale and retail prices of gasoline in the distribution system and notify the provincial People's Committee, the Department of Industry and Trade and the market management agency where the trader has a distribution system.

To stabilize gasoline prices, based on the Government's price stabilization policy, the Ministry of Industry and Trade shall preside over the implementation and guide provincial People's Committees to implement one or several methods to determine the causes of price fluctuations according to the provisions of Decree No. 85/2024/ND-CP detailing a number of articles of the Law on Prices and amendments, supplements and replacements (if any).

In case the competent authority declares a state of emergency, incident, disaster, natural disaster, epidemic and the market price of petroleum products fluctuates abnormally, the Ministry of Industry and Trade shall preside over and coordinate with the Ministry of Finance and relevant ministries and branches to organize price stabilization according to regulations.