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According to an announcement jointly issued by the Industry-Trade and Finance ministries, local fuel traders were allowed to get VND2,042 from the fund for each liter of E5 RON92 bio-fuel sold and use VND1,304 for each liter of RON95 petrol sold, as compensation for the gap between retail and base prices.
RON95-III petrol is now priced at VND20,033 per liter, up by VND1,484. The price of E5 RON92 bio-gasoline edged up by VND1,377 per liter to VND18,588.
As for heavy fuel oil, traders can use VND362 from the fund for each kilogram sold though they did not tap the fund to stabilize the prices of diesel oil and kerosene.
Accordingly, the retail prices of diesel oil 0.05S and kerosene increased by VND1,219 and VND1,086 per liter to VND17,087 and VND15,971, respectively. Meanwhile, the heavy fuel oil 3.5S is sold at VND15,210 per kilogram, up by VND1,127.
A large sum of money has been extracted from the fund to stabilize fuel prices, resulting in a stabilization fund deficit across many local fuel trading agencies, prompting them to tap their own budget to stabilize prices.
The State-run Vietnam National Petroleum Group (Petrolimex), the country’s leading fuel trading firm, put the balance of its stabilization fund at an estimated VND9.6 billion as of 5 p.m. today.
The fund deficit is forecast to continue if large sums of money are extracted from the fund.
During the last fuel price adjustment on March 18, local fuel prices were kept unchanged as fuel wholesalers were permitted to use the fund, with E5 RON92 bio-fuel and RON95 petrol being offered at VND17,210 and VND18,550 per liter, respectively.