Ministry of Finance publicizes the Petroleum Price Stabilization Fund
On July 9, the Ministry of Finance officially announced the use of the petroleum price stabilization fund and the situation of the fund's establishment, management and use as of June 2013.
According to regulations on the use of the Fund, key petroleum trading enterprises are only allowed to use the Price Stabilization Fund for the purpose of stabilizing domestic petroleum prices under the direction of the Ministry of Finance - Ministry of Industry and Trade.
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Enterprises are not always allowed to use the Price Stabilization Fund. Only when world prices increase, causing the base price to be higher than the current selling price and the Government restrains the price increase or regulates to not increase domestic gasoline prices, will the Joint Ministry issue an official dispatch directing enterprises to use the Price Stabilization Fund.
The amount of use of the Price Stabilization Fund is not a fixed amount that is the same for all types of gasoline and oil, but depends on the difference between the base price and the current selling price (publicly calculated according to the provisions of Decree No. 84/2009/ND-CP) and the price management target based on the domestic economic and social situation.
Making the Price Stabilization Fund public will create conditions for businesses and people to monitor the management and use of the petroleum price stabilization fund as well as monitor the operation of petroleum prices according to market mechanisms.
The price stabilization fund is set aside at a fixed rate of VND300/liter in the base price of the actual amount of gasoline consumed and is considered an expense item in the base price structure. If necessary, the Ministry of Finance will adjust the amount and timing of setting aside the Price Stabilization Fund to suit market fluctuations.
According to VTV - TH
