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Fund to keep gas stations in the black
Retailers of gasoline and other auto fuels will contribute VND500 (US$0.03) for every liter sold to a price stabilization fund that will be used to offset their losses when world prices go up, the finance ministry said.
The amount is included in the ministry’s base price, which takes into account the Singapore price, insurance, freight, estimated operational expenses, taxes and other fees, and includes a profit margin.
For each type of auto fuel, retailers must set their price in line with the base price, according to the ministry’s circular that came out on Tuesday.
If the base price increases by more than VND500 over the common retail price, retailers can register with the ministry to raise their price by up to VND500. The fund will cover the remaining difference.
Once the fund runs out, retailers can increase their prices as they wish.
The circular also caps the estimated operational expense at VND600 a liter for gasoline, diesel and kerosene and VND400 a liter for the heavy, inferior fuel oil known as mazut.
The price of standard 92-octane gasoline in Vietnam has risen six times in the past five months and now stands at VND14,700 ($0.86) per liter.
Vietnam, which exports crude oil, imports most refined petroleum products for domestic use.
Dung Quat, the country’s first oil refinery, started operation in May and should be running at full steam later this month.
Still, it will only supply one third of the gasoline and other petroleum products consumed in Vietnam.
Ngan Anh
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