In the short term, the Petroleum Price Stabilization Fund will still be maintained.

According to the draft on petroleum business submitted by the Ministry of Industry and Trade to the Government, in the short term, the Petroleum Price Stabilization Fund must still be maintained because the State needs to have sanctions and mechanisms to regulate and stabilize this strategic commodity.

Many businesses propose to abolish the Petroleum Price Stabilization Fund.

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.

Presenting his views on the Petroleum Price Stabilization Fund before the National Assembly Standing Committee on the afternoon of August 21, Minister of Industry and Trade Nguyen Hong Dien said: "In principle, the Ministry also agrees that in the future, the Fund must be considered to be abolished to ensure market nature. But it must also be understood that the Price Stabilization Fund is essentially an off-budget fund contributed by consumers and entrusted to key enterprises to collect and deposit into bank accounts."

Recently, there have been some shortcomings in the management and use of this fund. Inspection, examination and investigation agencies have pointed out that enterprises have used the Fund for the wrong purposes, not transferred money to the fund..., the allocation and disbursement of the Fund has been carried out regularly and continuously, without a specific time limit, not in accordance with the provisions of the Law on Prices.

"In the new draft on petroleum business that the Ministry of Industry and Trade has submitted to the Government for consideration and decision in the coming days, in the short term, the Petroleum Price Stabilization Fund must still be maintained because the State also needs to have sanctions and mechanisms to regulate the stabilization of this strategic commodity, but must strictly comply with the Law on Prices," said the Minister.

Accordingly, adjustments will only be made when there are major price fluctuations. At that time, the Ministry of Industry and Trade and the Ministry of Finance will propose to the Government and the Prime Minister for consideration and decision. Or when the competent authority declares a state of emergency, this Fund will be applied.

Thus, management will be tighter and the use of the Price Stabilization Fund will be more effective.

The Petroleum Price Stabilization Fund has been consistently used by the Ministry of Industry and Trade and the Ministry of Finance for the purpose of stabilizing petroleum prices (maintaining stability or reducing price increases) when necessary, contributing to curbing inflation and stabilizing the macro-economy.

Specifically, in 2021, the fund will be set aside for 13/24 operating periods with the fund setting aside level from VND 100 - VND 552 depending on the item; the expenditure will be used for 23/24 operating periods with the expenditure level from VND 8 - VND 2,000 depending on the item.

In 2022, the fund will be established for 33/34 operating periods with a provision of VND 50 - VND 950 depending on the item; and the expenditure will be used for 21/34 operating periods with a expenditure of VND 33 - VND 1,500 depending on the item.

In 2023, set aside funds for 12-14/37 operating periods with a deduction level of 300 VND - 605 VND depending on the item; spend 3-5/37 operating periods with a spending level of 14 VND - 950 VND.

By July 2024, set aside funds for 14/30 operating periods for fuel oil products.

In the first 7 months of 2024 (up to the operating period of July 25, 2024), the prices of petroleum products have gone through 30 price adjustments, of which RON 95 gasoline has increased 16 times and decreased 14 times, diesel has increased 14 times, decreased 16 times and mazut has increased 18 times and decreased 12 times , so the impact of adjusting petroleum prices on the socio-economic situation is not large, rarely having to set aside the Fund and completely not having to spend the Petroleum Price Stabilization Fund to stabilize petroleum prices.

Source: https://baodautu.vn/trong-ngan-han-van-giu-quy-binh-on-gia-xang-dau-d223007.html