The Government Office issued Official Dispatch No. 5124 dated July 18, 2024 conveying the instructions of Deputy Prime Minister Le Minh Khai on information research, press feedback, and recommendations on the establishment of a petroleum exchange .
The Government Office said that a number of press agencies published opinions of experts saying that in order to be transparent and ensure harmony of interests between businesses, it is necessary to consider applying the petroleum exchange model. .
The establishment of a petroleum trading floor can bring many benefits to Vietnam. When the petroleum trading floor is operated, information on prices and transaction volumes will be made public, thereby minimizing the possibility of price manipulation, creating a flexible and quick pricing mechanism and improving the distribution process. , gasoline circulation.
In particular, in the current context of the petroleum market, although there is still a state monopoly, there are basically private individuals participating in retail so it is still possible to set up a floor. Furthermore, the new Decree allows a retail business to buy goods from many outlets, so that regulation has created a premise for establishing a floor.
Regarding this issue, Deputy Prime Minister Le Minh Khai has the following instructions: Assign the Ministry of Industry and Trade to preside and coordinate with relevant ministries and agencies to review and research information and press reports. , proposed the establishment of a petroleum exchange to increase openness and transparency, overcome the instability of the petroleum market in recent times, and on that basis, have appropriate implementation solutions according to authority and provisions of law; Cases of exceeding authority shall be reported to the Prime Minister in July 2024.
