Granting self-determination to petroleum businesses
Talking at the regular press conference of the Ministry of Industry and Trade held on January 29, Mr. Nguyen Anh Tuan - Head of Petroleum and Gas Business Management Department (Domestic Market Management and Development Department) provided some information related to the development of a new Decree on petroleum business.
According to Mr. Nguyen Anh Tuan, on January 19, leaders of the Ministry of Industry and Trade signed a submission to the Government, this is the fourth draft after three years of careful research and consultation. The drafting agency expects this Decree to be soon considered and promulgated by the Government in February 2026, creating a new legal framework for gasoline and oil business activities.
According to the new draft, gasoline and oil prices will be managed more closely to the market mechanism, in which businesses are given the right to self-determine selling prices based on actual cost factors. However, the draft also stipulates that retail prices at agents, franchisors or businesses buying gasoline and oil from many sources are not allowed to be higher than the price prescribed by the leading enterprise. This is to ensure uniformity and protect the rights of consumers throughout the system.
Providing more information at the press conference, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that this decree will cut business conditions, simplify administrative procedures, thereby creating more favorable conditions for the gasoline and oil business environment.
According to Deputy Minister Tan, operating according to the market mechanism also means giving more initiative to businesses in production and business activities. However, besides the initiative of businesses, there are still important factors that need to be considered, especially environmental factors and ensuring general balance.
The Ministry of Industry and Trade has carefully calculated to ensure harmony between different types of costs, while ensuring gasoline and oil supply to regions, especially remote, isolated, and difficult areas.
Regarding price management, the Deputy Minister said that throughout the price management process, the inter-ministry of Industry and Trade - Finance always closely followed key objectives. In the context of normal market operation and business, the overarching principle is to respect the market mechanism; price management has been implemented in that spirit and price management in the past year has basically maintained stability.
Regarding the gasoline and oil price stabilization fund, Deputy Minister Tan said that the draft Decree proposes a plan to focus on one state account. Although this fund does not belong to the state budget, its use will strictly comply with the Price Law and will only be implemented when the Ministry of Industry and Trade coordinates with ministries and sectors to develop a price stabilization plan to submit to the Prime Minister for approval in situations where the market has abnormal fluctuations.
No feedback on E10 gasoline quality recorded
In addition, at the press conference, Mr. Nguyen Anh Tuan - Head of Petroleum and Gas Business Management Department, Department of Domestic Market Management and Development also provided additional information about the roadmap for applying E10 bio-gasoline.
According to Mr. Nguyen Anh Tuan, the deployment of E10 bio-gasoline in Vietnam is in line with the general trend of the world. E10 bio-gasoline has been and is being widely used in many countries such as the US, Brazil, Thailand, and China. Vietnam's deployment of E10 bio-gasoline is in the process of implementing international commitments, especially commitments at COP26 on the goal of bringing net emissions to "0" by 2050.
From the practical implementation, Mr. Nguyen Anh Tuan said that the entire system of Petrolimex and PVOil has now deployed the sale of biofuel in some large areas such as: Hai Phong, Hanoi City and Ho Chi Minh City. Through monitoring and evaluation up to this point, no feedback related to the quality of E10 biofuel being sold in the Vietnamese market has been recorded.
In the context that the roadmap has been clearly established, the Ministry of Industry and Trade continues to coordinate with key enterprises, distribution systems and related agencies to prepare necessary conditions to ensure the synchronous and smooth application of E10 biofuel throughout the system from the beginning of 2026.
