Ministry of Finance proposed to abolish regulations on reviewing and making statistics of petroleum operating costs

From the beginning of 2023 until now, the situation of domestic petroleum supply and demand is stable. Photo: T.D

According to the Ministry of Finance, from the beginning of 2023 until now, the situation of domestic petroleum supply and demand is stable, and there is no phenomenon of local gasoline scarcity at petroleum retail stores; along with that, the Ministry of Finance also did not receive any feedback from agencies and businesses about abnormal fluctuations in petroleum costs.

During the process of reviewing and summing up the monthly petroleum costs reported by enterprises, the Ministry of Finance said that some types of gasoline and oil do not have data on costs to summarize and evaluate; at the same time, the review of expenses incurred from the beginning of 2023 up to now, it showed that there were increased costs and decreased costs, but they are all at a low margin, with no abnormal fluctuations.

Specifically, through the organization of general review and making statistics of expenses related to petroleum operating costs on the 20th of every month following the Official Dispatch No. 1085/CD-TTg of the Prime Minister, it showed that the data series in the summary period is short (01 months), so some types of gasoline and oil do not have data on costs to summarize and evaluate in the period.

This agency explained that the reason was that during the reporting period, the enterprise had not had any import activities or purchased some types of petroleum from domestic refineries, so there were no costs incurred in the reporting period.

For example, in the reporting period on the cost of bringing petroleum from abroad to Vietnam from February 1, 2023, to February 28, 2023, the major petrol and oil trader did not import base gasoline used for blending E5RON92 gasohol, did not import kerosene, resulting in no data on costs for this type of gasoline and oil.

At the review and summary period on March 20, 2023 (expenses reported by enterprises from February 1, 2023, to February 28, 2023), if comparing the increase and decrease in costs in the reviewing period with the base price at the petrol and oil price management period on March 11, 2023, announced by the Ministry of Industry and Trade, the increase and decrease in the cost of bringing petroleum from abroad to the port accounted for about -1.3 % to + 0.8% (during that time the enterprise did not import base gasoline used for blending E5 Ron 92 gasoline and kerosene); Premium account for about +0.1% to +0.5%; the cost of bringing gasoline from the domestic refinery to the port accounts for about -1.1% to +0.3%, depending on the type of product.

After consulting with the Ministry of Industry and Trade, the Ministry of Finance proposed that the Prime Minister to allow to abolish the following regulations in Official Dispatch No. 1085/CD-TTg dated November 11, 2022: “The Ministry of Finance is based on the assigned functions, tasks and competences which is assigned to chair and coordinate with the Minister of Industry and Trade and major petrol and oil traders to conduct reviewing, synthesizing and making statistics of related expenses to petroleum operating before the 20th of each month and actively consider the adjustment following regulations, ensuring it is close to the reality of the market and the operation of petroleum enterprises”.