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Tuesday, June 25, 2024

Finance Ministry proposes eliminating fuel price stabilization fund

The Saigon Times

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HCMC – The Ministry of Finance has proposed the Government eliminate the fuel price stabilization fund so that fuel prices can be fully regulated by market forces.

The ministry is working with the relevant ministries and agencies over the draft amended Law on Prices, in which the ministry suggested the Government decide on the list of goods and services eligible for the price stabilization program in line with the law, the local media reported.

According to the Ministry of Finance, price stabilization is a solution to deal with price fluctuations.

At present, the fuel price stabilization fund is not included in the State budget plan and is a factor for determining the base prices of products. The fund is used to stabilize the market and fuel prices.

However, if needed, the Ministries of Industry-Trade and Finance will adjust the fund extraction levels and time in line with the market developments.

As global fuel prices have surged, the two ministries have extracted VND100-1,500 from the fund for each liter or kilogram of fuels to control fuel prices.

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