The Ministry of Industry and Trade (MoIT) is finalizing a new draft decree regarding petroleum business management. This strategic step is designed to create a more competitive market environment by granting businesses the flexibility to independently set retail prices for gasoline and diesel, replacing the strict regulatory system previously in place.
In an official statement, the Domestic Market Management Department emphasized that this legal document is a top government priority. Beyond price reform, the policy focuses on streamlining the distribution system by cutting inefficient intermediary layers. This initiative follows directives from Deputy Prime Minister Pham Gia Tuc to smooth the circulation of petroleum products in the domestic market.
The drafting process is being carried out comprehensively through cross-ministerial consultations to ensure effective implementation on the ground. The government aims to submit the draft to the Government Standing Committee for further review throughout this July. This administrative reform is expected to reduce distribution operational costs and boost efficiency for business operators.
On the other hand, the MoIT remains committed to tightening oversight of business compliance. In the first half of this year, authorities handled 122 violation cases related to price setting and listing, with administrative fines totaling 1.3 billion VND. This firm stance is taken to ensure the transition to a market mechanism operates transparently and accountably.
