Continuing to deduct the stabilization fund at a high level, the price of gasoline on the afternoon of August 11 dropped to less than 1,000 VND/liter. If reduced by more than 1,600 VND / liter, the price of this item could have reached 23,000 VND / liter.
From 3pm on August 11, the domestic price of E5 RON 92 gasoline decreased by 900 VND/liter to 23,720 VND/liter, RON 95 gasoline decreased by 940 VND/liter to 24,660 VND/liter. Accumulated after 5 consecutive reductions, RON 95 gasoline has decreased by more than 8,100 VND/liter; E5 RON 92 lowered 7,170 VND/liter; diesel oil 7,510 VND/liter…
Notably, in this price adjustment, the Ministry of Industry and Trade – Finance continued to set aside a high level of stabilization fund, although 100 dong/liter lower than the previous period for gasoline and diesel. Specifically, gasoline is at 700-750 VND/liter, diesel oil is 350 VND/liter, kerosene is 650 VND/liter and fuel oil is 716 VND/kg.
The positive stabilization fund still has a high fund
For all 5 consecutive price reductions, the operating agency has deducted more than 3,500 VND/liter for gasoline; VND 2,800/liter for kerosene and 1,900 for diesel. If this adjustment period, the inter-Ministry of Industry and Trade – Finance did not make the deduction, the price of gasoline could have decreased by 1,600-1,690 VND/liter and diesel oil could also decrease by 1,350 VND/liter, bringing the prices of commodities. This is about 22,000-23,000 VND/liter.
Notably, currently, the balance of petroleum stabilization funds of some large enterprises has been positive again.
By August 11, the price stabilization fund of Petrolimex – the largest petrol retailer in the country was positive 437 billion; Ho Chi Minh City Petroleum Company Limited (Saigon Petro) is 227 billion, of which the provision up to August 10 is 8.7 billion; Dong Thap Petroleum Trading Joint Stock Company (Petimex) is 268 billion; Military Petrochemical Joint Stock Company (Mipec) is more than 13 billion…
billion dong Balance of Petrol Price Stabilization Fund at SOME ENTERPRISES As of August 2022Price Stabilization Fund Balance PV oilPetrolimexSaigon PetroPetimex Hoa Khanh CompanyNam Phuc CompanyMipec-1250-1000-750-500-2500250500750
According to the manager’s explanation, this operating period, the base price of petroleum products tended to decrease slightly (particularly for fuel oil increased). Therefore, in order to support the life and production of people and businesses, the inter-ministerial department decided to reduce the level of setting up the stabilization fund to further reduce the price of petroleum products and keep the price of oil stable. mazut.
“In particular, continue to restore the stabilization fund to manage prices in the near future when the market still has many potential uncertainties and complicated and unpredictable developments,” the inter-ministerial said.
Up to now, the price of this item has undergone 21 price adjustments, including 13 increases and 8 decreases. Currently, the domestic price of E5 RON 92 and RON 95 gasoline has dropped to around 23,700-24,600 VND/liter, equivalent to the price at the end of January.
The number of deductions is twice the number of payments
In fact, since the beginning of the year, when gasoline prices have increased, the stabilization fund has spent an average of 100-300 VND/liter; and when the price drops, the executive agency deducts an average of 200-700 VND/liter.
Specifically, in 13 increases and 8 decreases in price. For RON 95 gasoline, the executive agency has 6 times of spending and 13 times of deducting the stabilization fund. In which, the highest spending level is 1,000 VND/liter in the operating period on March 11 and the highest deduction is 750-850-950 VND/liter in the operating periods on July 11-21, and 1-11/. 8.
At the beginning of July, the Government Inspectorate sent a written request to the ministries, branches and corporations: Vietnam Petroleum, Vietnam Oil and Gas (PVN); key traders provide dossiers and information on petrol and oil price stabilization funds (process of extraction, use, existence, limitations, causes); the public listing, the inspection and control of petrol prices…
dong/liter DIFFERENCE BETWEEN DEVELOPMENT AND DEPOSIT FOR POLITIONAL POLICY POLICY FUND Expenses/deductions for stabilizing petrol prices RON 95 in 13 increases, 8 times downExpensesDeduction level11/121/111/221/21/311/321/31/412 /421/44/511/523/51/613/621/61/711/721/71/811/8020040060080010001200
The essence of this fund is a pre-collection of consumers deducting from the price of gasoline for the operating agency to use as a price adjustment tool. According to regulations, the petroleum price stabilization fund is a financial fund not included in the budget balance; all sources set aside and spent to use the fund to participate in regulation and support for the goal of stabilizing domestic gasoline prices according to petrol and oil price management.
The main trader of petrol and oil is responsible for setting up, spending, using, reporting and publicizing the petrol and oil price stabilization fund and managing the fund according to regulations.
Regarding the proposal to remove the petroleum price stabilization fund, Deputy Minister of Industry and Trade Do Thang Hai said that it is necessary to calculate that if this fund is removed, there must be other alternative measures. “I have wanted to quit this fund many times, but the problem is that if I quit, the price of gasoline will increase dramatically. It is important to make policies that ensure feasibility and have a real impact on people, businesses and the macro-economy. “, he acknowledged.
With the same opinion, Dr. Dinh Trong Thinh, an economist, also said that it is difficult to abandon the fund to stabilize petrol prices. “If they want to quit, the management agency must have another mechanism to adjust. Wanting gasoline prices to fully move according to the market mechanism is really a big problem,” he said…
