vietnam's petrol market

Update news vietnam's petrol market

Enterprises urge petrol price stabilisation fund to be abolished

As the domestic petrol prices are also going parallel with the world market, the removal of the petrol price stabilisation fund should be considered.

Foreign investors encouraged to invest in petroleum storage infrastructure

Under the plan, the focus will also be on developing the petrol stations along new roads and in new urban areas with an appropriate roadmap to reduce the number of small-scale and inefficient stations.

Electronic invoices improve transparency of petroleum market

Technology experts say that using e-invoices is necessary to achieve a transparent petroleum distribution market to prevent unofficial products and false statements about petroleum output.

State authorities will not participate in petroleum price management process

The second draft was revealed on April 1, a few days after the ministry submitted the first draft of the revised Decree on petroleum business.

Wholesale petrol firms deciding selling prices may cause unfair competition

According to the new proposal, key petroleum businesses can decide their gasoline selling prices while the State authorities only announce the average world petroleum price every 15 days.

Petrol giants pay heavy prices for fraud in 2023

Last year many petroleum companies had to pay penalties for fraud they had committed many years before. Some of them owed huge tax debts or were forced to pay tax arrears, while their leaders were prohibited from leaving the country.

Large petrol distributors report huge tax debts

A number of petroleum distributors owe trillions of dong in tax, mostly environmental protection tax.

Ministries disagree on who is in charge of petroleum reserve management

The Ministry of Industry and Trade (MOIT) has proposed transferring its responsibility for petroleum reserve management to the Ministry of Finance (MOF). But MOF says that only MOIT is in the position to undertake the work.

The dark, hidden corner of petroleum distributors: big tax debts, exit ban

A number of petroleum distributors are in distress: their tax debts are increasing and their leaders have been prohibited from leaving the country.

Opinions differ over fairness of domestic petroleum prices

Whether prices of gasoline in Vietnam are reasonable with regard to income per capita compared to those of other countries around the world remains controversial.

Vietnam to expand petroleum stockpiles to 75-80 days of net imports

Most of the $11.5 billion required to build the petroleum reserve infrastructure system by 2030 will come from outside the federal budget.