There is more than 55 billion VND to stabilize gasoline prices

According to a report from the Ministry of Finance, in the first 6 months of the year, key petroleum businesses have deducted more than 2,231.4 billion VND into the price stabilization fund, while the usage level is nearly 2,932.4 billion VND.

The remaining price stabilization fund is more than 55 billion VND.

Notably, on May 20, 2013, the stabilization fund was negative by 73.5 billion VND.

The price stabilization fund’s large negative amount occurred after gasoline and oil prices decreased 3 times in April, a total of 1,220 VND per liter for gasoline and 650 VND for diesel.

As for the remaining units, Military Petroleum has the largest price stabilization fund balance with nearly 180 billion VND as of May 20, 2013, while that of Vietnam Petroleum Group (Petrolimex) is more than 148 billion VND.

The Ministry of Finance also said that in the last 3 years (2010 – 2012), the price stabilization fund balance at the end of 2012 was at the lowest level, reaching just over 739 billion VND, less than half of the highest level of 1,800 billion VND at the end of 2012.

Unit: billion VND.

According to data from the Ministry of Industry and Trade, the price stabilization fund summary table currently includes 12 enterprises.

Previously, in the People’s Questions – Ministers’ Answers program on June 23, 2013, Minister of Finance Dinh Tien Dung affirmed that he would publicly announce the gasoline price stabilization fund in the first month of the quarter, after many opinions.

Currently, for each liter or kilogram of gasoline, businesses must contribute 300 VND to the stabilization fund, but depending on each product, the fund will be used at different levels.

The Ministry of Finance also affirmed that this is an effective tool to stabilize prices, because from 2010 until now, without the fund, domestic gasoline prices would have had to increase higher and the frequency of price increases would also be higher.