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Specific mechanism
The fuel prices were discussed at a September session of the NA Standing Committee on the draft Law on Prices (amended version), which outlines principles for identifying goods and services subject to price stabilization measures and assigns the government to issue detailed stipulations to ensure flexible implementation.
Minister of Finance Ho Duc Phoc said that basically, price stabilization measures in the amended law are similar to those in the existing Law on Prices, with adjustments made to reflect policy changes. The amended law has a specific article on price stabilization measures with time limits to ensure their feasibility and create the legal basis for continued application of the petrol and oil price stabilization fund as stipulated in Government Decree 83/2014/ND-CP and its amended version, Decree 95/2021/ND-CP.
The petrol and oil price stabilization fund has a specific mechanism for deduction and is used to minimize the impact of price adjustments on the socioeconomic situation. “Global prices of petrol and oil continue fluctuating in an unpredictable manner, and maintaining the fund is necessary to prevent major changes in domestic prices,” Minister Phoc emphasized.
Time limit required
The head of the NA Committee for Financial and Budgetary Affairs Nguyen Phu Cuong said that most committee members agreed with the government’s proposal to maintain the petrol and oil price stabilization fund for the following reasons:
First, the fund is a means for regulation of domestic petrol and oil prices, which is an economic measure, not administrative interference.
Second, the Vietnamese petroleum market does not operate completely according to market rules and still depends on state management, meaning that domestic retail prices are still managed in accordance with base prices. Therefore, removing the stabilization fund is not a suitable solution.
Third, the fund has helped reduce the frequency and the range of price increases, thus minimizing the adverse impacts on production and trade, contributing to maintaining macroeconomic stability, curbing inflation and stabilizing people’s lives.
Fourth, many other countries are also using such funds to stabilize domestic prices of petrol and oil in the context of unpredictable changes in global prices.
“Due to these reasons, it is necessary to maintain the petrol and oil price stabilization fund, especially in the context of domestic prices adjusted every 10 days in response to unpredictable global fluctuations,” Nguyen Phu Cuong said.
However, a time limit has been proposed for maintaining the stabilization fund in each specific context, with the stipulation that it be used in a more flexible and transparent manner under a strict monitoring mechanism to ensure effectiveness.
The state can also use other tools such as taxes and fees to regulate petrol and oil prices, or provide direct support for those who are vulnerable to increased prices, as many other countries do.
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