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Petrol price stabilisation fund balance surges to VNĐ5.22 trillion

Update: November, 21/2017 - 18:00
The balance of the price stabilisation fund at Việt Nam National Petroleum Group (Petrolimex) was the highest with VNĐ3.1 trillion. — Photo vietnamplus.vn
Viet Nam News

HÀ NỘI — The balance of the petrol price stabilisation fund surged to more than VNĐ5.22 trillion (some US$ 230 million) at the end of the third quarter of 2017, the Ministry of Finance reported on Monday.

Of the total, the balance of the fund at Việt Nam National Petroleum Group (Petrolimex) was the highest with VNĐ3.1 trillion. It was followed by PetroVitenam Oil Corporation (PV Oil) with VNĐ457.6 billion, Military Petroleum Corporation (MIPECORP) with VNĐ381.6 billion and One-Member Limited Liability Oil and Gas Company of HCM City with VNĐ352.7 billion.

However, there were five out of 27 petrol traders reporting negative fund balances. The highest negative fund balance was at Nam Việt Petro Refinery and Chemicals Company with over VNĐ24.6 billion.

The fund used VNĐ1.47 trillion to stabilise petrol retail prices in the third quarter of the year.

According to the ministry’s data, the fund’s balance has experienced significant growth since the beginning of this year. The amount was more than VNĐ2.4 billion trillion in the first quarter and VNĐ3.97 trillion by the end of the second quarter, owing to the contribution made by petrol businesses. It jumped to over VNĐ5.22 trillion in the third quarter.

Contributed by petroleum wholesale distributors, the price stabilisation fund aims to prevent a bigger retail price spike when the imported price surged. — VNS

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