HCMC – The Ministry of Industry and Trade (MOIT) has proposed shortening the fuel price adjustment cycle to seven days from the current 10.
Fuel prices would be revised every Thursday, except for the first three days of Lunar New Year, the ministry said in its draft decree amending and supplementing Decree 95/2021 and Decree 83/2013 on fuel trading.
Under Decree 95/2021, local fuel prices are revised on the first, 11th and 21st of each month depending on global oil market movements.
Receiving feedback from other relevant authorities and businesses, the ministries of Finance and Industry-Trade suggested two price adjustment plans.
The first plan is to keep the interval between two gasoline price adjustments at 10 days, and let the two ministries change the price revision cycle in line with global fuel price movements at the request of the prime minister.
The second plan is to cut the cycle to seven days and fuel prices would be adjusted on a fixed weekday.
Explaining the reason for the adjustment, the MOIT said it would help local gasoline prices closely align with global market developments.
However, the plan still has its weaknesses as it takes 10 to 15 days for oil tankers to arrive at a Vietnamese port, which would place local fuel traders at a disadvantage during fast market movements, it added.
