6 key enterprises violated the Petroleum Price Stabilization Fund
According to information from the Ministry of Finance , based on the synthesis of reports on the Petroleum Price Stabilization Fund of petroleum traders (as of September 15), the Ministry of Finance has discovered 6 petroleum traders violating the regulations of the Petroleum Price Stabilization Fund.
In which, Dong Phuong Petroleum Joint Stock Company and Trung Linh Phat Company Limited violated both the improper transfer of the Petroleum Price Stabilization Fund according to Decree 95 and the absence of any fund allocation or use activities.
Companies such as Hai Ha Waterway Transport Company Limited; Thien Minh Duc Group Joint Stock Company; Tay Nam SWP Petroleum Company Limited violated the regulations on transferring the Petroleum Price Stabilization Fund according to Decree 95. Appollo Oil Joint Stock Company did not have any activities of setting up or using the fund.
According to the provisions of Decree 83 on petroleum trading and Decree 95 (amending and supplementing Decree No. 83), petroleum traders are obliged to set aside a Price Stabilization Fund.
Circular 103/2021 on the management of the Petroleum Price Stabilization Fund stipulates that key enterprises are responsible for publicly announcing the fund balance on the enterprise's website or on the mass media.
The Ministry of Finance assessed that the obligations of the key enterprises are linked to the issuance of Certificates of eligibility to act as key traders in petroleum business, therefore, the Ministry requested the Ministry of Industry and Trade to review the operations of the above companies.
How are violations of the Stabilization Fund handled?
Mr. Nguyen Tien Thoa - Chairman of the Vietnam Valuation Association - said that the Petroleum Price Stabilization Fund is a type of fund permitted by the Law on Prices to be established on the basis of deductions from the purchase price of petroleum of organizations and individuals using petroleum to serve the goal of price stabilization.
The use of the BOG Fund is only carried out upon "order" from the Ministry of Industry and Trade and the Ministry of Finance.
"That means that apart from the Ministry of Industry and Trade - Ministry of Finance, no one has the authority to decide on the allocation and use of this fund. And even these two ministries as well as petroleum enterprises are not allowed to use this fund for purposes other than stabilizing petroleum prices according to regulations" - Mr. Nguyen Tien Thoa emphasized.
Speaking to Lao Dong Newspaper, Mr. Nguyen Minh Tien - Director of the Price Management Department (Ministry of Finance) - said that according to the law, each key petroleum business enterprise must open a separate account to track the amount of money spent and deducted from the Stabilization Fund according to the announcement of the Ministry of Industry and Trade in each period of petroleum price management. Enterprises must be responsible before the law for the management of the fund.
In fact, all petroleum trading enterprises are licensed by the Ministry of Industry and Trade. This Ministry is also responsible for revoking the license if the petroleum trading enterprise does not meet the requirements. Therefore, the Ministry of Industry and Trade coordinates with the Ministry of Finance to require enterprises to comply with the provisions of the law.
"We have reported the responsibility for managing the Price Stabilization Fund to the competent authorities," said Mr. Tien, adding that both ministries are responsible for inspecting and supervising key petroleum traders in implementing regulations on fund allocation and use.
“The Ministry of Finance has sent an official dispatch to the State Bank and requested that it comply with the provisions of Decree 95 and not use this fund for other purposes,” said Mr. Nguyen Minh Tien. He also said that many key petroleum trading enterprises have been administratively sanctioned for violating the Price Stabilization Fund. However, the specific number of violating enterprises has not been disclosed.
Mr. Tien also said that the Ministry of Finance has also transferred the files of a number of enterprises that did not comply with the provisions of Decree 95 to the investigation agency, including the case of Bach Khoa Viet Trading, Consulting, Investment and Construction Joint Stock Company.
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