The Ministry of Industry and Trade will send a proposal to the government in June on the need to maintain the oil price stabilization fund.
Hanoi, June 7 (VNA) – The Ministry of Industry and Trade will send a proposal to the government in June on the need to maintain the oil price stabilization fund.
A decision will be made after reviewing the new Price Law 2023, which will come into force on July 1.
According to the Ministry of Finance, at the end of 2023, the fund balance exceeded 6.65 trillion dong, or $260 million. In the first five months of this year, the fund was barely touched as a joint working group of the Ministry of Industry and Trade and the Ministry of Finance decided not to use it.
The Ministry of Industry and Trade said that with the implementation of the current seven-day price adjustment cycle, price fluctuations have not been significant. Domestic prices closely followed global price trends. With fuel marketers taking a more proactive approach to planning and pricing, gasoline supplies appear stable at the moment.
“As the impact of oil prices on the current socio-economic situation remains small, there are few cases in which the fund can be used effectively,” the Ministry of Industry and Trade said in a recent statement.
Total gasoline imports and production in the first four months of the year reached 7.88 million tons, or 9.93 million cubic meters, with imports accounting for 43.73 percent. Nationwide, traders imported and purchased about 9.2 million cubic meters of petroleum products, accounting for 32.35 percent of the ministry’s 2024 target.
Meanwhile, Vietnam consumed around 8.3 million cubic meters of petroleum products while maintaining a stock level of 1.8 to 1.9 million cubic meters, ensuring sufficient supply for the economy.
According to the ministry’s forecast, gasoline supply in the second quarter of 2024 will amount to 8.87 million cubic meters, with traders’ volume reaching 6.35 cubic meters while maintaining a stock level of 1.7 to 1.8 million cubic meters. -VNA
