Vietnamese oil companies allowed access to oil fund

Vietnam’s finance ministry has allowed domestic state-owned oil companies to withdraw funds from the country’s Oil Stabilization Fund, to offset losses incurred from not being allowed to raise retail prices, a statement on the ministry’s website showed. The decision came, following the ministry’s recent rejection of the oil companies’ lobbying to be allowed to raise retail prices since their last adjustments on August 9, sources said. The Vietnamese companies still have to continue their regular contribution to the Oil Stabilization Fund, which is now at VND300 (US$0.02) per liter for all oil products. (October 22, 2010)