Petroleum Price Stabilization Fund remains over 3,975 billion VND

Petroleum price in the recent times has fluctuated towards an upward trend. Photo: H.V

Accordingly, the balance of the Petroleum Price Stabilization Fund on January 1, 2017, was 2,389.891 billion VND. The balance of the Petroleum Price Stabilization Fund to the end of the first quarter of 2017 (the end of March 31, 2017) was 2,864.527 billion VND. Total amount deduction from the Price Stabilization Fund in the second quarter of 2017(from April 1, 2017, to the end of June 30, 2017) was 1,405.439 billion VND. Total used amount of the Price Stabilization Fund in the second quarter of 2017 (from April 1, 2017, to the end of June 30, 2017) was 298.085 billion VND.

According to the Ministry of Finance, the interest arising on the balance of Price Stabilization Fund with positive price is 3.826 billion VND; the interest arising on the balance of Price Stabilization Fund with negative price is 43 million VND.

Therefore, after deducting and using, plus and minus of the interest arising, the total balance of Price Stabilization Fund until the end of the second quarter of 2017 (until the end of June 30, 2017) was 3,975.665 billion VND.

Specifically, among 27 leading enterprises in petroleum products business, Vietnam National Petroleum Group (Petrolimex) has the largest total balance of the Price Stabilization Fund until June 30, 2017, of 2,550 billion VND and the largest interest arising on the balance of over 2.5 billion VND.

In addition, 7 of 27 leading enterprises have the negative balance. Namviet Oil Refinery and Petrochemicals JSC has the largest negative fund with over 24.6 billion VND.

It is acknowledged that the petroleum price in the recent times has fluctuated towards an upward trend. The latest price at 3 p.m on 19th August 2017, the price of RON 92 petrol increased 461 VND per liter.

The Petrol price has increased consecutively from July 20, 2017, to now, with a total increase of 3 times of 1,417 VND per liter. The maximum price of RON 92 petrol on market until August 19th, 2017 was 17,486 VND per liter.

On August 19, 2017, the Ministry of Industry and Trade and Ministry of Finance decided to keep the usage level of the petroleum price stabilization fund as current regulations and expenditure for using this fund as followed: Mineral Petrol 110 VND per liter (previous level of 110 VND per liter), E5 petrol 90 VND per liter (previous level of 90 VND per liter), diesel 27 VND per liter (previous level of 70 VND per liter), kerosene oil 185 VND per liter (previous level of 110 VND per liter).