On June 24, 2016, the Ministry of Finance and the Ministry of Industry and Trade issued the Joint Circular No. 90/2016/TTLT-BTC-BCT on amending a number of Articles of the Joint Circular No. 39/2014/TTLT-BCT-BTC on determination of basic prices, establishment, management and allocation of price stabilization funds and control of petrol and oil prices under the Government’s Decree No. 83/2014/ND-CP on petrol and oil business.

Accordingly, from August 15, 2016, every distributor shall be entitled to decide the retail prices of petrol and oil products (wholesale price of mazut fuel) at regions distant from petrol and oil ports, wholesale warehouses and producing facilities to offset their incurring reasonable operating costs for selling petrol and oil in distant areas but the price shall not exceed 2% of the basic price published at the same time Regulated operating costs mean the wholesaler’s expenses for sale of petrol and oil on the domestic market  applied to determine the basic price are: unleaded petrol: VND 1,050 /liter; E5 and E10 petrol: VND 1,250/liter; diesel fuel and kerosene: VND 950/liter; mazut fuel: VND 600/liter. In case of distance from ports, petrol and oil warehouses and producing facilities, if the reasonable audited regulated operating cost (for both wholesale and retail) is higher than that set above, the wholesaler shall be responsible for their income and shall be entitled to decide the selling price within the local area to offset their exceeding reasonable operating costs but the selling price shall not exceed 2% of the published priced at the same time.

This Circular takes effect on August 15, 2016

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