Notice 296/TBLT-BTC-BCT

NOTICE

REGARDING THE ADJUSTMENT OF REDUCED PRICES FOR GASOLINE AND KEROSENE

Pursuant to Decree No. 75/2008/NĐ-CP dated June 9, 2008 of the Government on amending and supplementing certain articles of Decree No. 170/2003/NĐ-CP;
Pursuant to Decree No. 55/2007/NĐ-CP dated April 6, 2007 of the Government on trading in gasoline and diesel;
Considering the current fluctuations in international market prices for gasoline and diesel;
The Ministry of Finance and the Ministry of Industry and Trade hereby notify:

1. Permitting traders engaged in exporting and importing gasoline and diesel or producers and processors of gasoline and diesel (hereinafter referred to as key enterprises) to adjust their domestic retail prices for gasoline and diesel according to the prices registered by such key enterprises, specifically as follows:

a. Reduce the retail price of gasoline by 1,000 dong per liter and the retail price of kerosene by 1,000 dong per liter within their own distribution systems. The standard retail prices for gasoline and kerosene at actual temperatures (including value-added tax) in areas near oil import ports (Zone 1) are as follows:

- Unleaded gasoline RON 92: 17,000 dong per liter;

- Kerosene: 18,000 dong per liter.

b. The prices for other types of gasoline and kerosene shall be determined by the key enterprises based on quality differences and actual market prices for each type of gasoline and kerosene.

c. The prices for gasoline and kerosene in areas far from oil import ports (Zone 2) shall not exceed 2% above the prices in Zone 1. Areas in Zones 1 and 2 shall follow the current guidelines of the Ministry of Industry and Trade (formerly the Ministry of Trade) as set out in Decision No. 0674/2004/QĐ-BTM dated May 31, 2004.

d. Sales locations:

- Wholesale: goods are delivered at the central warehouse of the province or city on the buyer's means of transport.

- Retail: goods are sold at gas stations and retail stores in provinces and cities on the buyer's means of transport.

2. Responsibilities of production and trading units, key enterprises, and related agencies:

a. Trading enterprises must strictly comply with the directives of the Prime Minister to continue implementing cost-saving measures, particularly regarding fuel costs, to reduce product costs. Trading units dealing with gasoline and diesel must continue to cut management costs.

b. Exporters, importers, or producers and processors of gasoline and diesel must conduct inventory checks in accordance with current regulations before adjusting prices, ensuring smooth business operations and preventing negative impacts.

- Key enterprises must jointly bear legal responsibility for any violations concerning pricing and fraudulent trade practices within their distribution systems;

- Key enterprises have the responsibility to import gasoline and diesel according to schedule and implement circulation reserves as required to ensure adequate supply for domestic market needs under all circumstances.

c. Provincial Departments of Finance shall coordinate with Provincial Departments of Industry and Trade and Market Management Branches to inspect the implementation of prices for various types of oil in their respective localities, linking price inspections with quality assurance and measurement compliance, promptly identifying and addressing any violations within their authority or reporting to competent authorities for legal action.

3. This notification takes effect from 10:00 AM on August 27, 2008, replacing the gasoline and kerosene prices set forth in Decision No. 68/2008/QĐ-BTC dated August 14, 2008 on reducing gasoline and kerosene prices issued by the Ministry of Finance./.