A tanker at a petrol station in Hoàng Mai District, Hà Nội. — VNA/VNS Photo

HÀ NỘI — The Ministry of Industry and Trade (MoIT) will send a proposal to the government on whether it is necessary to maintain the petroleum price stabilisation fund in June.

A decision will be made after reviewing of the new 2023 Price Law, which will take effect on July 1.

According to the Ministry of Finance (MoF), as of the end of 2023, the balance of the fund was over VNĐ6.65 trillion, or US$260 million. During the first five months of this year, the fund was barely touched as a joint task force from the MoiT and the MoF decided to not use it.

The MoIT said with the implementation of the current seven-day price adjustment cycle, the price fluctuations have not been significant. Domestic prices have closely followed global price trends. As fuel traders have taken a more proactive approach to planning and pricing, the petrol supply looks stable for now.

"As the impact of petrol prices on the current socio-economic situation remains low, there are few instances in which the fund can be utilised effectively," said the MoIT in a recent statement.

Total petrol import and production during the first four months of the year reached 7,88 million tonnes, or 9,93 million cubic metres with import accounting for 43.73 per cent. Across the country, traders imported and purchased about 9.2 million cubic metres of petrol products, 32.35 per cent of the ministry's target for 2024.

Meanwhile, Việt Nam consumed about 8.3 million cubic metres of petrol products while keeping an inventory level of 1.8 - 1.9 million cubic metres, ensuring sufficient supply for the economy.

A forecast by the ministry has put petrol supply in the second quarter of 2024 at 8,87 million cubic metres with traders' volume reaching 6,35 cubic metres while keeping an inventory level of 1.7 - 1.8 million cubic metres. — VNS