The Ministry of Finance has just issued Circular No. 103/2021/TT-BTC guiding the method of setting up, spending and managing the Fund to stabilize the price of gasoline.
Petroleum business focal traders are responsible for setting up, spending, reporting and publicizing the Petroleum Price Stabilization Fund and managing the Petroleum Price Stabilization Fund as prescribed.
According to Circular No. 103/2021/TT-BTC, the Petroleum Price Stabilization Fund is established at the enterprise when the Ministry of Industry and Trade grants a certificate of eligibility as a petroleum business focal point trader as prescribed in Decree No. 95/2021/ND-CP amending Decree No. 83/2014/ND-CP on petroleum trading.
Petroleum business focal traders are responsible for setting up, spending, reporting, and publicizing the Petroleum Price Stabilization Fund and managing the Petroleum Price Stabilization Fund as prescribed.
The Circular stipulates that the Petroleum Price Stabilization Fund is set aside with a specific amount of VND300 per liter for gasoline, diesel, kerosene, and VND300 per kg for mazut oils at the actual temperature consumed in the domestic market and is identified as a factor that constitutes the base price and selling price of traders. The petroleum business.
[The fund to stabilize the price of gasoline by the end of the third quarter is more than VND 824 billion]
The establishment of the Petroleum Price Stabilization Fund shall be carried out simultaneously with the base price administration period.
In addition, the level of setting up this petroleum price stabilization fund is adjusted flexibly, in line with reality at the time of operating the price of gasoline.
Specifically, adjusting the reduction or suspension of the establishment of the Fund for stabilizing the price of gasoline below the above level when the factors that constitute the base price of gasoline and oil announced increased by more than 5% compared to the base price of gasoline and oil announced in the previous period or the increase in the price of gasoline and oil affecting socio-economic development and people's life.
In case of necessity, adjusting the increase in the establishment of the Petroleum Price Stabilization Fund higher than the prescribed level when the factors constituting the base price of gasoline and oil announced decreased by more than 5% compared to the base price of gasoline and oil announced in the previous consecutive period or based on the balance of the Petroleum Price Stabilization Fund, the actual situation at the time of publication of the base price of gasoline.
The total set-up of the Petroleum Price Stabilization Fund in the period of the petroleum business focal trader is determined by the level of establishment of the Price Stabilization Fund for gasoline and oil specified in the announcement of petroleum price administration of the Ministry of Industry and Trade with the output of gasoline and oil at the actual temperature consumed in the domestic market during the period of the trader's business. Petroleum business.
The Circular also states that the Petroleum Price Stabilization Fund is a financial fund that is not included in the state budget balance; all sources set up and spend using the Petroleum Price Stabilization Fund to participate in regulating and supporting the goal of stabilizing domestic gasoline prices according to the petroleum price administration of the Ministry of Industry and Trade.
The Petroleum Price Stabilization Fund operates not for profit purposes, does not generate centralized management mechanisms, and does not generate organizational apparatus, no separate financial mechanisms.
This Circular takes effect from January 2, 2022.
Source
Thuy Duong
