Oil price drops sharply, surplus of petroleum price stabilization fund was VND 2,779.5 billion

VCN- According to the Ministry of Finance, as of February 11, the total surplusof the price stabilization fund to the end of December 31, 2019 was VND2,779.5 billion. This was the highest surplus in 2019.  
oil price dropped sharply surplus of petroleum price stabilization fund was vnd 27795 billion Shares fluctuating as oil prices
oil price dropped sharply surplus of petroleum price stabilization fund was vnd 27795 billion Vietnam Index drops on sliding oil prices
oil price dropped sharply surplus of petroleum price stabilization fund was vnd 27795 billion PetroVietnam’s contribution to state budget falls on low oil prices
oil price dropped sharply surplus of petroleum price stabilization fund was vnd 27795 billion
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.

By Hong Van/Ngoc Loan

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