Laws of Vietnam

DECIDES:

Article 1.- To prescribe the maximum selling price (value added tax included) of fuel oil throughout the country as follows:

- For high-grade fuel oil: enterprises trading in petrol and oil shall base themselves on the above-mentioned price and quality as well as actual selling prices of standard oils on the same market to make appropriate decision.

Article 2.- Sale location: Fuel oil shall be delivered at the provincial/municipal central depots on the transport means of the purchasing party.

Article 3.- Designated petrol- and oil-importing enterprises may decide on the specific wholesale prices of fuel oil at each time to suit the cost prices and market prices, which, however, must not exceed the maximum selling price prescribed in Article 1.

In cases where prices of fuel oil on the world’s markets fluctuate, the cost price of import fuel oil exceeds the maximum selling price prescribed in Article 1, Vietnam Petroleum Corporation and other designated petrol- and oil-importing enterprises assigned to trade in fuel oil shall have to regulate supply and demand in order to stabilize market and elaborate pricing plans, then propose them to the State for handling.

Article 4.- Enterprises assigned to import and/or trade in fuel oil must promptly report to the Ministry of Trade and the Ministry of Finance as requested.

The Trade-Tourism Services shall coordinate with the Finance-Pricing Services of the provinces or centrally-run cities in inspecting the implementation of the selling prices of fuel oil by enterprises in their respective localities; detect in time errors and handle them within the scope of their assigned powers according to the current regulations; or report thereon to the competent agencies for handling.

Article 5.- This Decision takes implementation effect as from November 1, 2002. All the previous decisions on the selling price of fuel oil, which are contrary to this Decision, shall be no longer effective.

For the Minister of Trade
Vice Minister
MAI VAN DAU