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Fuel stabilisation fund hits $129m during first quarter

Update: May, 19/2015 - 09:18
A litre of petrol increased by VND1,950, following a joint decision by the Ministry of Finance and the Ministry of Industry and Trade on May 5. — File Photo
HA NOI (VNS)  — The fuel price stabilisation fund balance rose to nearly VND2.8 trillion (US$129 million) during the first quarter of this year.

The finance ministry on Tuesday announced that the fund balance as of December 31, 2014, was VND4.05 trillion ($184 million), and fuel trading firms extracted an estimated VND3.3 trillion ($152 million) from the fund during the three-month period.

While the Viet Nam National Petroleum Group (Petrolimex) posted the highest balance of VND1.92 trillion ($88.4 million) in the first quarter, PetroVietnam Oil Corporation (PVOil) followed with VND285 billion ($13.1 million).

Sai Gon Petro Company was estimated to have a balance of VND254.7 billion ($11.7 million) in the first three months of the year.

The ministry's Price Management Department said the average world fuel price in April rose 2.19 to 13.94 per cent over the previous month. The price of petroleum RON 92 rose 3.88 per cent, diesel 2.29 per cent, oil 2.96 per cent, mazut 6.37 per cent, and crude oil 13.94 per cent.

A litre of petrol increased by VND1,950, following a joint decision by the Ministry of Finance and the Ministry of Industry and Trade on May 5.

The decision pushed the price of RON 92 petrol up to VND19,230 per litre.

The prices of diesel and mazut remained unchanged, while a litre of kerosene was cut by VND258.

The two ministries also asked fuel traders to keep the stabilisation fund stable at VND300 per litre for petroleum and zero for biofuel E5.

They decided to allow using the stabilisation fund while increasing petroleum retail price to ensure that it benefits the government, businesses, and consumers. — VNS

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