Vietnam’s MoF seeks amendments to fuel trading law

Vietnam’s Ministry of Finance (MoF) asked the government’s permission to amend Decree No. 84 which concerns the management of fuel trading activities so as to increase transparency among wholesalers. The MoF wants to change the cost price calculation, commission granting, and the deduction for the price stabilization fund, in a manner that will match the real market development.
Among other things, the MoF wants to remove the ‘fixed profit’ from the fuel cost price calculation, as a means of increasing the transparency of the profit and loss of fuel wholesalers. At present, wholesalers are allowed to include a set profit of VND300 (US$0.01) in fuel retail prices, which gives wholesalers at least VND300 (UD$0.01) in profits for every liter of fuel, regardless of the selling price. (July 16, 2012)