Fuel price stabilization fund suggested not to be abandoned yet

Minister of Finance Ho Duc Phoc confirmed at yesterday’s meeting about legal issues that the draft Law on Price (amended) maintains regulations on the fuel price stabilization fund since the global price for this item is still unpredictable. The fund still plays its necessary role of regulating domestic gas prices to minimize negative impacts on the prices of other merchandise.

Fuel price stabilization fund suggested not to be abandoned yet ảnh 1

Fuel prices have been continuously adjusted lately. (Photo: SGGP)

In the meeting, Chairman of the National Assembly Vuong Dinh Hue raised the concern that in the first draft Law on Price, the Finance Ministry commented it was then suitable to eliminate the fuel price stabilization fund so that this commodity can run in accordance with the market signals. However, in this second draft, the Government suggests keeping this fund without any evaluation or review of the matter.

He then stressed that the Government should clearly mention different opinions on this issue, along with corresponding handling methods for each case.

In explanation, the Finance Minister said that the proposal to still maintain this fund is because after evaluation, it is clear that the fund has created positive influences on the market, leading to impressive benefits for the economy, especially in such an instable year for fuel as 2022. Without this fund, the dependence only on tax and service fee reduction can only address the issue for a short term.