Vietnam PM OKs Setup of Fund to Stabilize Petrol Prices

Vietnamese Prime Minister Nguyen Tan Dung has recently assigned the Ministries of Finance; Industry and Trade to calculate a deduction of pre-tax profits of petroleum retailers to establish a fund to stabilize domestic petrol prices when the world rates fluctuate, Vietnam Economic Times reported.

 

The amount of deduction will vary at different times, the paper said.

 

The ministries are in charge of following local petroleum prices on the global and domestic markets; as well as issuing, operating, and managing regulations of the fund.

 

On the same day, the prime minister decided to adjust additional levy for petroleum after remaining unchanged since 2000.

 

Accordingly, charge of gasoline will be doubled to VND1,000/liter from current VND500/liter while fee of diesel oil will be raised to VND500/liter from VND300/liter.

 

A new charge of VND300 will also be added to a liter of kerosene, mazut, and lubricating oil.

 

Late last year, local petroleum traders decided to lower the retail prices of the fuel by VND1,000 per liter of gasoline to VND11,000 for A92 and VND11,500 for A95 in the awake of the global oil price plunged around US$40 per barrel. (Vietnam Economic Times, Urban & Economy)