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Fuel Firms in Vietnam Allowed to Withdraw from Price Stabilization Fund to Prevent Further Price Increases - Vietnam Briefing News

Jan. 17 – The Vietnamese Finance Ministry is permitting domestic fuel traders to withdraw money from the national price stabilization fund to offset the increasingly high price vendors are paying for imported oil. The vendors have been told to keep prices stable.

Since November 2010, domestic companies selling fuel have taken VND1,200 (US$.06) from the fund for every liter of gas and kerosene sold and VND1,000 (US$.05) for every liter of diesel sold.

The government, with the aim of keeping the prices of essential goods stable, have now allowed domestic firms to withdraw VND1,600 (US$.08)per liter of diesel, according to local news site VnExpress.

VnExpress quoted the the Finance Ministry as saying that the fund can be used through this March. Consumers contribute VND300 (US$.015) with each purchase of a liter of gas or oil.