ANTD.VN - The balance of the Fuel Price Stabilization Fund increased sharply, reaching over 7,424 billion VND as of the end of June 2023.
According to data recently released by the Ministry of Finance , as of the end of June 2023, the Fuel Price Stabilization Fund had a surplus of VND 7,424.7 billion.
Previously, the Fund's balance as of the end of March 2023 was VND 5,640.34 billion. Fund contributions in the second quarter amounted to VND 1,779.2 billion, while fund expenditures were less than VND 6 billion.
Interest earned on the fund balance during the quarter was approximately VND 3.23 billion, while interest earned on the negative fund balance was VND 2.09 billion.
Among the 34 petroleum distribution companies, Vietnam National Petroleum Group ( Petrolimex ) has the highest fund balance with over 3,198 billion VND, accounting for more than 43%.
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The balance of the Fuel Price Stabilization Fund has reached over 7,400 billion VND. |
Other key traders with high fund balances include Hai Ha Water and Land Transport Company Limited (over 612 billion VND); Thien Minh Duc Group Joint Stock Company (nearly 468 billion VND); Dong Thap Petroleum Trading Joint Stock Company (over 454 billion VND), Ho Chi Minh City Petroleum Company Limited (333.5 billion VND), Military Petroleum Corporation Company Limited (307 billion VND)...
However, four entities also recorded deficits in the Price Stabilization Fund, including: Tan Nhat Minh Petroleum Joint Stock Company (deficit of 32 billion VND); Vietnam Oil Corporation (PV Oil) with a deficit of 22.42 billion VND (at the end of March, this company had a deficit of over 346 billion VND). In addition, other major distributors such as Petro Binh Minh and Truong An are also affected.
The establishment of the fuel price stabilization fund is carried out simultaneously with the adjustment of the base price. This is a financial fund that is not included in the state budget balance.
The source of this price stabilization fund is derived from the purchase price, paid by consumers (300 VND/liter), but it is managed by the enterprise, and the use of the fund is decided by the operator (the inter-ministerial committee of the Ministry of Industry and Trade).
According to the Ministry of Industry and Trade and the Ministry of Finance, the price stabilization fund has been used effectively and flexibly to limit fluctuations in domestic prices compared to world prices, ensuring a balance of interests among market participants, helping to maintain a stable supply of petroleum products for the domestic market, contributing to inflation control, and supporting economic recovery.
In the past, the continuous contributions to the price stabilization fund amidst falling fuel prices have led to an increase in the balance. Therefore, the regulatory authority recently decided to stop contributing to this fund in accordance with Circular 103.
However, this is not the record level for the stabilization fund, as at one point the fund had a balance of over 10,000 billion VND at the end of the third quarter of 2020.
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