Immediately after VietNamNet published an article about the Petroleum Price Stabilization Fund, the Domestic Market Department ( Ministry of Industry and Trade ) responded. In particular, this agency spent a lot of time talking about the responsibilities of management agencies related to the Stabilization Fund.
What is the main responsibility of the Ministry of Finance ?
According to the Domestic Market Department, the Ministry of Finance is the unit in charge of guiding, inspecting and supervising the Petroleum Price Stabilization Fund of petroleum traders; guiding the method of setting up, spending, using and managing the Petroleum Price Stabilization Fund, the scale of the Fund; inspecting and supervising petroleum traders in implementing regulations on setting up and using the Petroleum Price Stabilization Fund.
The Ministry of Industry and Trade shall announce the level of deduction and expenditure for the Price Stabilization Fund for each operating period after reaching agreement with the Ministry of Finance according to regulations for the application of key petroleum traders.
Reports on the Petroleum Price Stabilization Fund are sent by traders to the Ministry of Industry and Trade so that the Ministry can publicly disclose the Fund's balance on the Ministry's electronic information portal and estimate the overall balance of the Fund nationwide to serve the management of petroleum prices.
The Domestic Market Department also cited a series of provisions in Decree No. 83/2014/ND-CP dated September 3, 2014 of the Government on petroleum trading to defend the above viewpoint.
Banks collect debts from businesses by deducting from the Price Stabilization Fund.
The Domestic Market Department also mentioned reports of a number of enterprises that were administratively sanctioned by the Ministry of Finance for violations of the Price Stabilization Fund. Most of them were for failing to transfer the balance of the Price Stabilization Fund to bank accounts.
"Enterprises reported that they had paid administrative fines and gradually paid the amount within their financial capacity at that time into the Petroleum Price Stabilization Fund account," the Domestic Market Department stated.
In particular, this agency said that, according to the feedback of some enterprises, when the enterprise has a debt balance at the commercial bank - where the enterprise opens a Price Stabilization Fund account, the bank automatically deducts debt from other accounts of the enterprise with positive balances (including the Petroleum Price Stabilization Fund account) to deduct the enterprise's debt. Therefore, it is difficult for enterprises to maintain the balance of the Price Stabilization Fund according to regulations.
In addition, in the response, the agency also reassured that the fact that enterprises do not transfer the balance of the Price Stabilization Fund to bank accounts will hardly affect the use of the Fund when needed according to the price management announcement of the Ministry of Industry and Trade - Ministry of Finance.
The reason argued by the Domestic Market Department is that the use of the Price Stabilization Fund is applied and the reduction is included in the retail price of gasoline for consumers, so businesses will have the Price Stabilization Fund portion deducted from sales revenue.
The Domestic Market Department cited Clause 3, Article 37 (Decree 83) regulating the Petroleum Price Stabilization Fund: "The Ministry of Finance shall preside over and coordinate with the Ministry of Industry and Trade to guide the procedures, establishment, use and management of the Price Stabilization Fund in accordance with the provisions of law."
Clause 2, Article 39 stipulates: “The Ministry of Finance is responsible for supervising the management of gasoline and oil prices; supervising the establishment and use of the Price Stabilization Fund by key traders.”
The Domestic Market Department also cited regulations in Decree No. 95/2021/ND-CP on fund management responsibilities.
Clause 26, Article 1 stipulates: “5. The Ministry of Finance shall provide guidance on the methods of setting aside, spending, using, and managing the Petroleum Price Stabilization Fund; the scale of the Petroleum Price Stabilization Fund; and inspect and supervise petroleum traders in implementing regulations on setting aside, spending, and using the Petroleum Price Stabilization Fund.”
Clause 30, Article 1 stipulates: “2. The Ministry of Finance shall preside over the inspection and supervision of petroleum traders in implementing the provisions of Article 37 of this Decree; provide guidance on the method of determining the elements constituting the base price; provide guidance on the method of setting aside, spending, and managing the Price Stabilization Fund; the scale of the Petroleum Price Stabilization Fund; inspect and supervise petroleum traders in implementing the provisions on setting aside, spending, and using the Price Stabilization Fund.”
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