Customers buy petrol at a station in Tran Hung Dao Street in Ha Noi. Fuel wholesalers have been told to keep fuel retail prices stable. — VNS Photo Truong Vi

HA NOI (Biz Hub)— Fuel wholesalers were told to keep fuel retail prices stable whilst urging them to dip into the nation's price stabilisation fund for petrol to offset losses.

The joint decision of the ministries of Finance and Industry and Trade took effect yesterday, coming after increases in global fuel prices during the last month.

According to a Ministry of Finance report, while the base price of RON 92 gasoline was currently VND24,097 per litre, the retail price was only VND23,630.

Similarly, each litter of diesel oil 0.05S, kerosene and fuel oil is being sold for VND22,310, VND22,020 and VND18,510, compared with their base prices of VND22,936, VND22,988 and VND18,496, respectively.

In a bid to stabilise the economy and curb inflation, the ministries have decided to keep fuel prices and import tariffs constant.

Looking to offset losses from the price-freeze, wholesalers were encouraged to increase withdrawals from the price stabilisation fund from VND200 to VND300 per litre for gasoline, and from VND300 to VND500 per litre for diesel.

According to the latest report, the price stabilisation fund was sitting at VND58.6 billion (US$2.7 million), after swelling to over VND3 billion ($141,911).

Of the 12 petrol dealers who contributed to the fund, six reported positive fund balances.

Petrolimex's September balance stayed over VND205 billion ($9.7 million), while the Military Petroleum Corporation with over VND180 billion ($8.6 million).

As of September 30, PVOil reported a negative fund balance of more than VND209 billion ($9.88 million), while Petec Trading & Investment Corporation saw a loss of over VND145 billion ($6.86 million). — VNS