A process for preparing a liquid microemulsion useful as a thermal stabilizer for polyvinyl chloride resin and which exhibits a reduced amount of volatile components when heated comprises the step of reacting in an oil, either simulataneously or sequentially, and in the presence of an acidic gas (a) an oxide and/or hydroxide of a metal selected from the group consisting of sodium, potassium, calcium, magnesium, zinc and mixtures thereof, (b) an aliphatic acid in which the aliphatic moiety contains up to about 30 carbon atoms, (c) one or more non-phenolic compounds having about two or about three hydroxyl groups;
- and, (d) one or more polyols, alcohol ethoxylates and/or alcohol propoxylates having from about 6 to about 24 carbon atoms in the alcohol, and 0 to 3 ethylene oxide units and/or 0 to 3 propylene oxide units.