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Petroleum businesses may charge a maximum rate of 20%, as suggested.

The Ministry of Industry and Trade has recently proposed a new decree to regulate gasoline prices. According to the draft, businesses will calculate their own retail prices based on the 7-day average world price announced by the State, rather than relying on a base price set by the government. This change is intended to promote market-driven pricing and reduce periodic calculations and publication of costs.

Under current regulations, the government sets a base price for retail gasoline prices, which serves as a ceiling for businesses to determine their own prices within the system. However, this process requires businesses to wait for the base price announcement from the government before setting their prices, leading to a lack of flexibility in pricing.

The Ministry of Industry and Trade believes that this mechanism does not align with market principles and is proposing that businesses be allowed to set their own prices without government intervention. The draft offers two options for businesses to calculate their costs and profit norms: Option 1 involves adding a fixed amount to the retail price, while Option 2 adjusts the percentage based on fluctuations in world gasoline prices. This allows businesses more control over their pricing while still ensuring that consumers do not pay more than a certain maximum level.

In addition to promoting market-driven pricing, the proposed decree includes regulations related to the Price Stabilization Fund and warehouse use. The fund is intended to maintain stability in gasoline prices and ensure efficient distribution practices. The Ministry will also monitor changes in costs and profits of enterprises and report any significant increases to the Prime Minister for consideration and adjustment.

Overall, this proposed decree aims to streamline gasoline pricing practices, promote competition in the market, and ensure transparent and efficient pricing within the industry.

By Samantha Jones

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