New Circular on setting up and using the Petroleum Price Stabilization Fund of Vietnam
On November 18, 2021, the Ministry of Finance of Vietnam promulgated Circular 103/2021/TT-BTC method of setting up, spending, using and managing the petrol and oil price stabilization fund.
Article table of contents
According to the Circular, the regulations on the method of setting up the petrol price stabilization fund are as follows:
- The petrol and oil price stabilization fund is set aside with a specific amount of 300 VND/liter (for gasoline, diesel oils, kerosene) and 300 VND/kg (for hot fuel oils actual level of consumption in the domestic market) and is determined as an element constituting the base price and selling price of the main petrol and oil trader.
The setting up of the petrol and oil price stabilization fund is made concurrently with the base price management period.
- The amount of deduction for the above-mentioned petrol and oil price stabilization fund is flexibly adjusted to suit the reality at the time of petrol and oil price management as follows:
+ Reducing or suspending the setting up of the Fund below the above-mentioned level when the elements constituting the base price of petrol and oil in the announced period increase by >5% compared to the base price of petrol and oil announced in the preceding period.
+ In case of necessity, increase the amount of provision higher than the above-mentioned level when the elements constituting the base price of petrol and oil in the announced period are >5% lower than the base price of petrol and oil announced in the preceding period or based on balance of petrol and oil price stabilization fund, actual situation.
Circular 103/2021/TT-BTC of Vietnam takes effect from January 2, 2022.
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