Oil price drops sharply, surplus of petroleum price stabilization fund was VND 2,779.5 billion
Shares fluctuating as oil prices | |
Vietnam Index drops on sliding oil prices | |
PetroVietnam’s contribution to state budget falls on low oil prices |
Illustrative photo. Source: Internet. |
In 2019, the first quarter deficit was more than VND620.6 billion, the second quarter deficit nearly VND500 billion; the third quarter surplus more than VND2,000 billion. Although the surplus was high, interest arising in the fourth quarter of 2019 was only VND2 billion.
Earlier, the Ministry of Industry and Trade and the Ministry of Finance adjusted the petroleum price. Accordingly, after making provisionsand spending to use the Petroleum Price Stabilization Fund, RON92 petrol price decreased by VND577/liter; Diesel 0.05S decreased VND 412/liter; Kerosene reduced by VND473/ liter; Mazut 3.5S oil decreased by VND265/kg.
The adjustment and the continuous decrease in petroleum price (on February 11, WTI oil price plummeted by 1 percent to US$49.8 / barrel; Brent oil price fell 0.9 percent to US$ 54/barrel) caused the increase in the fund’s surplus.
In a report submitted to the Government, the Ministry of Finance also predicted that petroleum price could be reduced by the nCoV epidemic and proposed the Government to direct the Ministry of Industry and Trade to closely monitor development in world petroleum price to operate flexibly and reasonably according to market signals, associated with the flexible use of petroleum price stabilization fundwith an appropriate level to stabilize domestic market price, contributing to creating favorable conditions for the production, transportation and controlling inflation according to the target.
Related News
Drastically implementing solutions for budget collection
09:19 | 21/11/2023 Customs
Vietnam posts trade surplus of 3.6 billion USD in January
16:18 | 30/01/2023 Import-Export
Three options for Petroleum Price Stabilization Fund
10:31 | 27/01/2023 Finance
Strive to reduce budget deficit in financial plan for 2023-2025
10:44 | 14/11/2022 Finance
Latest News
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
More News
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export
Lao Cai Customs sees a triple-digit surge in export-import turnover
10:37 | 02/11/2024 Import-Export
Coconut is expected to become a billion-dollar export item
16:40 | 01/11/2024 Import-Export
Plastic exporters interested in converting to recycling technology
16:36 | 01/11/2024 Import-Export
Logistics sector must embrace innovative trends to stay competitive
16:34 | 01/11/2024 Import-Export
Vietnam’s agro-forestry-aquatic product exports likely to set new record
16:32 | 01/11/2024 Import-Export
UKVFTA greatly benefits Vietnam-UK trade: Experts
14:19 | 31/10/2024 Import-Export
Agricultural exports likely to exceed 60 billion USD amid challenges
14:18 | 31/10/2024 Import-Export
Vietnam-Philippines trade likely to exceed 8 billion USD for first time
14:17 | 31/10/2024 Import-Export
Your care
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export