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New fund to help offset petrol losses
A new Ministry of Finance regulation will help stabilise the domestic petroleum market with the formation of a new fund.
According to the regulation issued this week, petroleum companies can only increase their retail price by up to VND500 per litre at one time, even if global prices rise above domestic retail prices.
In turn, they will receive offsets from the stabilisation fund for any losses.
Enterprises would still be required to follow the regulation even if the fund runs out of money.
The fund will be established with contributions of VND500 for every litre of gasoline, kerosene, diesel and related products sold by enterprises.
According to the circular, the retail price of petrol will be calculated based on the fuel import price in the Singapore market, along with other input costs including freight charges, insurance fees and the stabilisation fund contribution.
Oil companies will also be required to cut their retail price when they make a profit of more than VND500 per litre.
The regulation has been in effect since Monday.
According to Ministry of Industry and Trade estimates, the country will consume about 14 million tonnes of petrol and oil this year, up 1 million tonnes from last year.
The opening of the Dung Quat oil refinery will allow the country to produce some oil domestically. Only 12 million tonnes will be imported this year to meet local demands.
VietNamNet, Viet Nam News
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