The fuel price stabilisation fund helps the central government manage domestic fuel prices for the foreseeable future, said Hoang Anh Tuan, Deputy Director of the Domestic Market Department under the Ministry of Industry and Trade, in a recent meeting with industry leaders.
Hanoi (VNS/VNA) - The fuel price stabilisation fund helps the central governmentmanage domestic fuel prices for the foreseeable future, said Hoang Anh Tuan, DeputyDirector of the Domestic Market Department under the Ministry of Industry andTrade, in a recent meeting with industry leaders.
The new GovernmentDecree 83, which oversees regulations on fuel trading in the country, willcontinue to sanction the controversial fund.
Fuel traders and transportcompanies have argued that the fund, which is funded by fuel consumers for themost part and therefore effectively adds to fuel prices, delivers little to nobenefits for traders and consumers alike. In addition, it also creates a gapbetween the domestic price for fuel and that of the international market whichmay encourage certain fraudulent activities and cross-border smuggling.
The Government,however, has always maintained that the fund serves as a tool to manage thedomestic fuel price and is a necessity to make sure the interests of consumersand businesses are protected. The fund is part of efforts to keep fuel pricesin line with market mechanisms under the State management and help controlinflation and stabilise the macroeconomy.
In the last fiveyears, the domestic fuel price had been well-regulated as fuel tradingactivities became more transparent and efficient, said Tuan, adding that thenew decree was to continue building on the existing legal mechanisms whiletrying to address a number of shortcomings and limitations.
In order to do so,the ministry would carry out large-scale surveys among fuel traders to gatherinputs and opinions on how to improve current regulations. Business conditionswould also be cut to help new players gain entry to domestic fuel tradingmarket and minimise resource waste.
According to aministry report, the fund spent over 1.7 trillion VND (73 million USD) tomaintain a stable fuel price during the second quarter of 2019 alone./.
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The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative image (Source: VNA) 
