Key enterprises must have an audit report of the Petroleum Stabilization Fund.

The Ministry of Industry and Trade has just completed the draft Decree amending Decree 95 and Decree 83 on petroleum trading, sending it to the Government after receiving comments from ministries and branches.

Notably, the draft Decree adds conditions to "tighten" the management of the Petroleum Price Stabilization Fund (BOG Fund).

Accordingly, every 6 months (before August 15 and February 15 every year), the focal enterprise sends an independent audit report on the BOG Fund to the Ministry of Finance and the Ministry of Industry and Trade.

The data collection period for the August 15 reporting period is from January 1 to June 30. The data collection period for the February 15 reporting period is from July 1 to December 31 of the previous year.

gasoline 2.jpg — Some additional regulations to "tighten" the management of the Petroleum Price Stabilization Fund. (Photo: Tuan Anh)

The specialized audit report on BOG Fund includes: BOG Fund balance at the beginning of the reporting period; total output and types of gasoline and oil used for setting aside and spending during the reporting period; total amount of money used for setting aside the BOG Fund during the reporting period; total amount of money used for using the BOG Fund during the reporting period; interest arising on positive or negative BOG Fund balance during the reporting period; BOG Fund balance at the end of the reporting period, detailed bank account statements during the reporting period; inventory report on output and types of gasoline and oil used for setting aside and spending during the BOG Fund during each operating period.

Reports on the implementation of the BOG Fund (fund balance, total output, types of petroleum allocated, Fund usage, total amount of allocation and expenditure of the Fund...) are required to be sent to the management agency before the 15th of each month.

The draft Decree also proposes that the focal enterprise selects a bank to open an account to monitor and manage the fund. The bank shall freeze the enterprise's BOG Fund account. This account shall only be used for the purpose of setting up and spending the enterprise's BOG Fund according to the Ministry of Industry and Trade's announcement on petroleum price management.

In addition, to promptly update costs in prices, the draft Decree also stipulates that every three months, enterprises must send reports to the Ministry of Finance on costs of bringing gasoline from abroad to Vietnamese ports, costs of bringing gasoline from domestic refineries to ports... to help management agencies collect data, calculate base gasoline prices and manage prices.

Before March 31st of each year, the key enterprise must conduct a separate audit on the cost of petroleum business, report to the Ministry of Finance and the Ministry of Industry and Trade for announcement on July 1st of each year and apply it in the formula for calculating the base price and managing petroleum prices for the most recent management period.

In addition, the draft Decree proposes that the adjustment period between two retail price changes be shortened to 7 days, fixed every Thursday.

In case Thursday falls on the last day of the Lunar year (29th or 30th of Lunar New Year), the price adjustment schedule will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd or 3rd day of Lunar New Year, the price change will be implemented on the 4th day of Lunar New Year.

If it falls on a holiday, the petrol price will be adjusted on the following Wednesday. If it falls on other holidays, the petrol price will be adjusted on the first working day after the holiday.

The Ministry of Finance spoke out about the bank arbitrarily collecting 270 billion VND in debt from the Petroleum Stabilization Fund . The leader of the Price Management Department (Ministry of Finance) said that it will coordinate with competent authorities to clarify the case of the bank arbitrarily collecting 270 billion VND in debt from the Petroleum Stabilization Fund account opened by businesses at the bank.

Source