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Vietnam

World oil and gas prices plummeted, domestic still ... wait!

The operating mechanism with an average price of 15 days is making Vietnam gas price deviate from the world .

PHOTO: NGOC DUONG
PHOTO: NGOC DUONG

For more than half a month, WTI (high quality crude oil) oil prices have plummeted, but the domestic gasoline prices still have to stand still and wait.

There have been many recommendations of experts, including enterprises and associations, about the need to amend Decree 83/2014 / ND-CP on the mechanism of administering heavy gasoline prices on administrative issues and lack of market. But so far, the management agency has not been able to give any plan.

Distorted, out of tune with the world

From the beginning of 2019 to 15.8, gasoline prices were adjusted 15 times with 7 increases, 5 decreases and 3 times of price. In total, gasoline increased by 18% from VND 17,750 / liter to VND 21,010 / liter; diesel increased at the same rate, from VND 15,000 / liter to VND 17,230 / liter.

At the same time, WTI world oil price increased by over 10%. Notably, from the beginning of the year to around mid-April, 2010, there was a sharp increase in oil price , from about 45 - 46 USD / barrel to 66 USD / barrel, dragging domestic gasoline price up strongly. However, from the end of April 2014 to August 15, oil continued to plunge, currently standing at 55 USD / barrel. Meanwhile, domestic gasoline price has increased 4 times, 3 times decreased according to the trend of "increase much, decrease less".

For example, on April 17, Ron95 IV petrol price, increased from VND 20,180 / liter to VND 21,380 / liter, ie VND 1,200 / liter, equivalent to nearly 6%. This time the world oil price fluctuated at nearly 64 USD / barrel.

By February 2, 2015, gasoline prices continued to increase by VND 960 / liter to VND 22,340 / liter, equivalent to nearly 5% of the phase difference when world oil prices fell sharply from nearly 64 USD / barrel to about 61 USD / barrel. 2.5.

Two strong increases of up to 11%, if the time of the oil price escalation is acceptable, but then the oil price has a decline of 4.6%, posing many questions about the price management mechanism.

World oil prices plummeted, domestic gasoline prices are still "waiting"

In the opposite direction, when oil prices plummeted, domestic gasoline prices slowed down. On 17.5, gasoline price was adjusted down from VND 22,340 / liter to VND 21,740 / liter, down VND 600 / liter, about 2.6%. On June 1, gasoline decreased to VND 21,360 / liter, about 1.7%; June 17, down to VND 20,280 / liter, about 5%.

In 3 consecutive drops, gasoline price also dropped to about 8.3%, while world oil price dropped from 63 USD / barrel on 21.5 to only 50 USD / barrel from 12-17 June, which decreased by more than 20%.

Since the beginning of August, the world oil price has continued to decline sharply, from 59 USD / barrel to 55 USD / barrel, but also because of the current operating mechanism, the domestic gas price cannot be reduced. This optimism distorted rhythm operate the business of the enterprise (company), not in the market; as well as the interests of the people consumers greatly affected.

Unrest stabilization fund

The above comparison of course does not take into account the use of price stabilization fund. However, with this fund alone, recently, the regulation also left a lot of shortcomings. Mr. Phan The Rue, Chairman of the Petroleum Association, said that the establishment of a petrol stabilization fund of VND 300 per liter as stipulated in Decree 83 regulates petroleum is causing consumers to suffer more than profit, when returning The nature is that people have to advance to the fund. In addition, the use of price stabilization fund with bold administrative intervention, distorting the price of petroleum market, does not create transparency in management, does not create equality in the early enterprise system. termite

At the National Assembly Standing Session on August 13, the supervision team "The implementation of policies and laws on the management and use of financial fundsThe state non-state budget in the period of 2013 - 2018 ”also assessed, the amount of money deducted from the fund is left to the key petroleum trading enterprises, which is in fact an advance of the people and businesses. The fact that the basis for price stabilization is no longer appropriate (base price is based on CIF price (including costs, money, insurance), while domestic production has met 90% of demand. , in addition to setting interest rates and the norm of business costs is non-market). The use of the petrol price stabilization fund currently does not ensure transparency and publicity, leading to a great response of people in the price administration and stabilizing petrol prices.

According to the Minister of Finance Dinh Tien Dung, the Government is now assigning to the Ministry of Finance and the Ministry of Industry and Trade to consider and amend Decree 83 and regulations of the price stabilization fund, which can calculate and abandon this fund. . Talking to Thanh Nien, the general director of a Hanoi-based petroleum company said that the nature of this fund is only "to hold" the price increase in a certain level, then the price will be adjusted, consumers. Use almost no benefit, but also have to advance money to the fund. Meanwhile, businesses must deposit money into a fixed account, absolutely not touching this amount. When the fund is negative, enterprises must borrow from the bankor remove capital to compensate yourself. "Countries around the world do not need to have stable funds, the water goes up and the boats go up, let the price of gasoline close to world prices. Increasing, decreasing and decreasing is called the market ”, he said.

Gasoline and oil are essential energy, when there is still the dominance and dominance of the market of a few large enterprises still need the state regulation. But this regulation, according to Assoc. Prof. Dr. Ngo Tri Long should not abuse administrative measures. Mr. Long suggested that the price stabilization fund should be removed , and the operation cycle should be reviewed again on an average of 15 days. Because it has distorted domestic gas prices, the phase difference compared to the world is very obscure, causing annoyance for people.

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