Petrol price stabilization fund balance surges to more than VN?5.1 trillion


The balance of the petrol price stabilisation fund surged to more than VN?5.1 trillion (US$ 224 million) at the end of the fourth quarter of 2017, the Ministry of Finance has reported.

Of the total, the balance of the fund at Vi?t Nam National Petroleum Group (Petrolimex) was the highest with VN?3 trillion. It was followed by PetroVitenam Oil Corporation (PV Oil) with VN?434 billion, Military Petroleum Corporation (MIPECORP) with VN?383 billion and One-Member Limited Liability Oil and Gas Company of HCM City with VN?345 billion.

However, there were five out of 27 petrol traders reporting negative fund balances. The highest negative fund balance was at Nam Vi?t Petro Refinery and Chemicals Company with over VN?24.6 billion.

The fund used VN?1.43 trillion to stabilise petrol retail prices in the fourth quarter of 2017.

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

Source: Viet Nam News

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