The Ministry of Finance publicly discloses the Fuel Price Stabilization Fund.
On July 9th, the Ministry of Finance officially released information on the use of the fuel price stabilization fund and the situation regarding the fund's establishment, management, and utilization up to June 2013.
According to regulations on the use of the Fund, petroleum wholesale businesses are only allowed to use the Price Stabilization Fund for the purpose of stabilizing domestic petroleum prices as directed by the Joint Ministry of Finance - Ministry of Industry and Trade.
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Businesses are not always allowed to use the Price Stabilization Fund. Only when world prices rise, causing the base price to increase higher than the current selling price, and the Government takes measures to curb or regulate domestic gasoline and diesel prices to prevent an increase, will the Inter-Ministerial Committee issue a directive allowing businesses to use the Price Stabilization Fund.
The amount used from the Price Stabilization Fund is not a fixed amount the same for all types of gasoline and diesel, but depends on the difference between the base price and the current selling price (calculated publicly as stipulated in Decree No. 84/2009/ND-CP) and the price management objectives based on the domestic economic and social situation.
Making the Price Stabilization Fund transparent will enable businesses and citizens to monitor the management and use of the fuel price stabilization fund, as well as to monitor the operation of fuel prices according to market mechanisms.
The price stabilization fund is set aside at a fixed rate of 300 VND/liter of the base price of gasoline and diesel consumed and is considered a cost item in the base price structure. If necessary, the Ministry of Finance will adjust the level and timing of contributions to the price stabilization fund to suit market fluctuations.
According to VTV - TH
