Ministry of Industry and Trade clarifies the failure to deduct and spend from the Petroleum Stabilization Fund

Because the impact of gasoline price adjustment on the socio-economy is not large, in the first 9 months of the year, the Gasoline Price Stabilization Fund was almost not used to stabilize the price of this item.

The Petroleum Price Stabilization Fund currently has a surplus of more than 6,000 billion VND.

The Ministry of Industry and Trade has just reported on trade activities in September and the first 9 months of 2024.

Regarding the management of petroleum products, the Ministry said that since implementing the 7-day reduction in petroleum prices according to Decree No. 80/2023/ND-CP, domestic petroleum prices have been consistent with world petroleum prices.

Along with that, the types of petroleum business costs are updated promptly, creating motivation for businesses to create petroleum sources to fully supply the needs of the domestic market.

The price management agency has not set aside or used the Petroleum Price Stabilization Fund in the past 9 months.

"With the current implementation of the price management cycle of 7 days/time, the price fluctuation between two basic adjustments is not large, domestic gasoline prices have basically followed the world price movements, businesses have proactively calculated prices, planned to import goods according to the Ministry's minimum total source allocation in 2024 and quarterly registration plans, and the basic gasoline supply is guaranteed," the Report stated.

Therefore, the impact of adjusting gasoline prices on the socio-economic situation is not large, and there is almost no need to use the Gasoline Price Stabilization Fund to stabilize the price of this commodity, contributing to the goal of controlling inflation and ensuring the harmony of interests between gasoline businesses and users.

From the beginning of the year to September 26, 2024, the petroleum market has undergone 39 price adjustments. Current selling prices of petroleum products (at the operating period on September 26, 2024) are as follows: E5RON92 gasoline 19,620 VND/liter; RON95-III gasoline 20,518 VND/liter; Diesel 0.05S 17,506 VND/liter; Kerosene 17,873 VND/liter; Mazut 180CST 3.5S 15,357 VND/kg.

The Ministry of Industry and Trade continues to closely monitor developments in world oil prices and coordinate with the Ministry of Finance to manage oil prices according to regulations.

Previously, regarding the Petroleum Price Stabilization Fund, the Ministry of Finance said that by the end of the second quarter of 2024, the Fund had more than 6,000 billion VND, a decrease of about 600 billion VND compared to the end of 2023.

In the second quarter of 2024, the management agency made a provision for the Fund of VND 29.25 billion, total expenditure on the Fund was about VND 9.7 billion, interest arising on the Fund balance was over VND 3.2 billion, interest arising on the negative Fund balance was VND 5.9 billion.

Thus, by the end of September, the Petroleum Price Stabilization Fund had a surplus of more than VND 6,061 billion, a decrease of VND 18 billion compared to the previous quarter.

Of which, the Fund balance at Vietnam National Petroleum Group (Petrolimex) is 3,078 billion VND; Ho Chi Minh City Petroleum Company Limited: 328 billion VND; Military Petroleum Corporation Limited Company: 299.7 billion VND; Dong Thap Petroleum Trading Joint Stock Company: 460 billion VND; Thanh Le Import-Export Trading Corporation: 390.4 billion VND; Hoa Khanh General Trading and Service Company Limited: 164.7 billion VND; Duong Dong Group Joint Stock Company: 182 billion VND; Thien Minh Duc Group Joint Stock Company: 467.2 billion VND...

The proposal to abolish the Petroleum Price Stabilization Fund was continuously raised by many businesses when the Ministry of Industry and Trade sought opinions on the draft of a new Decree on petroleum trading.

Most businesses believe that the management agency should boldly abolish the Petroleum Price Stabilization Fund, because in the past, the Fund did not make many deductions/disbursements, but the market remained stable.

Most recently, on September 20, 2024, the Group of Petroleum Distributors and Retailers sent a document to the Prime Minister, the National Assembly's Economic Committee, the Minister of Industry and Trade, the Ministry of Justice... regarding issues related to amending the Decree on Petroleum Business, in which these traders requested to review the existence of the Petroleum Price Stabilization Fund because this Fund is ineffective and has little practical effect.

Furthermore, maintaining the Fund also creates a financial burden for businesses in general and, together with the pre-collected environmental tax, many large businesses have abused this Fund and tax money for illegal profiteering.

Source: https://baodautu.vn/bo-cong-thuong-lam-ro-viec-khong-trich-chi-quy-binh-on-xang-dau-d227473.html