The balance of the petrol price stabilisation fund surged to more than VND5.1 trillion (US$ 224 million) at the end of the fourth quarter of 2017, the Ministry of Finance has reported.

Of the total, the balance of the fund at Viet Nam National Petroleum Group (Petrolimex) was the highest with VND3 trillion. It was followed by PetroVitenam Oil Corporation (PV Oil) with VND434 billion, Military Petroleum Corporation (MIPECORP) with VND383 billion and One-Member Limited Liability Oil and Gas Company of HCM City with VND345 billion.

However, there were five out of 27 petrol traders reporting negative fund balances. The highest negative fund balance was at Nam Viet Petro Refinery and Chemicals Company with over VND24.6 billion.

The fund used VND1.43 trillion to stabilise petrol retail prices in the fourth quarter of 2017.

Contributed by petroleum wholesale distributors, the price stabilisation fund aims to prevent a bigger retail price spike when the imported price surged. — VNS