Vietnam: Petroleum Traders to Contribute VND300 to Price Stabilization Fund

The Vietnamese Ministry of Finance has recently issued a circular to request petroleum traders to contribute VND300 per liter or kg of product sold to the price stabilization fund.

 

Traders will be allowed to stop contributions to the fund when their profits are less than VND300 per liter or kg or when the import prices rise over 12% and petroleum price hike will cause negative effects to national socioeconomic development.

 

Vietnamese petroleum traders will no longer have to refund VND1,000/liter of product sold to the government’s advance from Dec. 15, the ministry said.

 

Also, the ministry decided to set up an interdisciplinary team to supervise domestic petroleum price adjustments by traders.

 

Traders have decided to cut gasoline prices by VND350/liter and raise diesel prices by VND300/liter from 30:30 pm Dec. 15 to VND15,950/liter of gasoline 92, VND16,540/liter of gasoline A95, VND14,600/liter of diesel 0.05S and VND14,550/liter of diesel 0.25S while price of kerosene is still kept at VND15,200 and fuel oil at VND12,700/kg. (Youth)