Fuel firms offset losses with larger withdrawals from price stabilization fund

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The Vietnamese Finance Ministry has allowed fuel traders to draw more money from the national price stabilization fund and instructed them to keep prices stable.

Since mid-November, fuel companies have taken VND1,200 from the fund for every liter of gasoline and kerosene sold; and VND1,000 for every liter of diesel.

Starting this Saturday, they will be allowed to draw VND1,600 per liter of diesel, news website VnExpress reported. For other products, the ministry will continue to study global price movements to take necessary measures.

The government has asked concerned ministries to keep prices of essential products, including oil, coal and power, stable until the Tet (Lunar New Year) festival early next month.

Over the past month, prices of imported oil products have surged sharply and local traders said they were incurring losses of around VND2,000 per liter.

The Finance Ministry was cited by VnExpress as saying that the price stabilization fund can be used through this March. Consumers contribute VND300 to the fund every time they buy a liter of gas or oil.

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