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Sunday, February 5, 2023

Finance Ministry wants to stay away from fuel pricing role

By N. Tan

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HCMC – The Ministry of Finance (MOF) has written to the Ministry of Industry and Trade (MOIT), saying it does not want to carry the ball over fuel pricing regulation.

In a draft decree amending Decree 95/2021 and Decree 83/2013 on fuel trading and pricing management, the MOIT proposed three options. First, the two ministries would continue to oversee fuel pricing together as at present; second, the MOF would be the sole agency to regulate fuel prices; and third, the MOIT would be responsible for fuel pricing only.

The MOF said the MOIT should propose the third option to the Government, saying it and other agencies would support the MOIT to manage fuel prices based on their functions and expertise.

Earlier, the MOF suggested the MOIT be in charge of determining the base price for fuel and monitoring the fuel price stabilization fund, while the MOF would take on the inspector’s role.

The MOIT also devised three options for the fuel price stabilization fund. First, the fund would be maintained as it is; second, the principles of tapping into the fund would be changed in a way that reduces the Government’s intervention in fuel prices; and third, the fund would be dissolved.

However, the MOIT made no mention of an option which should be chosen.

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