HCMC – Prime Minister Pham Minh Chinh today agreed in principle to use the state budget to support the fuel price stabilization fund through April 15, which can be extended based on actual market conditions.
At a Government Standing Committee meeting on funding sources for fuel price stabilization, the PM said the funding would come from increased state revenue in 2025 and would be reimbursed to the budget once the crisis subsides.
The Ministry of Finance was assigned to lead the drafting and completion of a report, in coordination with the Government Office and the Ministry of Industry and Trade, to seek approval from competent authorities for implementation.
The move aims to ensure energy supply, mitigate impacts of global oil market volatility, and support macroeconomic management without disrupting supply chains, production, business, and consumption.
The Government has implemented measures, including use of the fuel stabilization fund, tax adjustments on fuels, increased domestic energy supply, promotion of energy efficiency, and enforcement against smuggling and speculation.
The PM requested close monitoring of the fuel market, timely response, and policy decisions based on data and market conditions, while maintaining price stability and considering regional price differences to prevent cross-border smuggling.
Deputy PM Ho Duc Phoc was tasked with overseeing fiscal measures while Deputy Prime Minister Bui Thanh Son will direct market regulation and stabilization efforts under the Ministry of Industry and Trade.
