Petrol price stabilisation fund pegged at $190 million
Petrol price stabilisation fund pegged at $190 million
The balance of the petrol price stabilisation fund stood at more than VND4 trillion (US$190.4 million) at the end of the fourth quarter of 2014, reported the Ministry of Finance.
The fund's balance experienced significant growth since the beginning of last year. The amount was more than VND842 billion ($40.09 million) in the first quarter, and finished at more than VND1,590 billion ($75.7 million) in the second quarter, owing to the contribution made by petrol businesses. It then jumped to over VND2,296 billion ($109.3 million) during the third quarter.
According to the Ministry's data, balances of funds in 17 out of 20 petrol companies showed positive numbers. The Vietnam National Petroleum Group had the highest positive balance of more than VND2,160 billion ($102.8 million). Out of the three remaining firms, the Petec Trading & Investment Corporation reported the highest negative balance at nearly VND145 billion ($6.9 million).
During the recent petrol price adjustment on January 21, the Ministries of Finance, and Industry and Trade, had asked petrol trading companies to increase prices by VND300 ($0.014) for its stabilisation funds, from VND500 ($0.023) per litre to VND800 ($0.038) per litre.
In 2015 alone, petrol prices were cut twice, with the total cut amounting to VND2,210 ($1.05).
Compared with the record high petrol price on July 7, 2014, the current petrol price has dropped by nearly 40 per cent, from VND25,640 ($1.22) per litre to VND15,670 ($0.74) per litre.
