Instead of simultaneously adjusting prices according to the state's base price, gas stations may soon offer different retail prices—potentially increasing in the morning and decreasing by the afternoon—as businesses gain autonomy over retail pricing.
At a consultation conference regarding the draft Decree on petroleum business on September 30, Deputy Minister of Industry and Trade Nguyen Viet Son stated that the retail gas pricing mechanism directly impacts both businesses and consumers.
Under the proposal being consulted, the State will no longer directly announce periodic base prices as it currently does. Instead, enterprises will proactively calculate and decide retail prices based on a general formula. According to Mr. Son, this mechanism will help retail gas prices more accurately reflect market fluctuations while maintaining transparency to protect consumer interests.
Adding to this, Mr. Tran Huu Linh, Director of the Domestic Market Management and Development Department (Ministry of Industry and Trade), shared that under the draft decree, gas prices will be determined by the market and enterprises. Regulatory authorities are expected to stop publishing periodic retail prices every Thursday. Each business or station can set different prices based on their actual operational costs.
"Enterprises will fully decide market retail prices. Once the Decree takes effect, we must accept that every gas station might have a different price," Mr. Linh said. Consequently, gas prices at a single station could "increase in the morning and drop in the afternoon," depending on the company's individual policy.