Gas prices increase after 2 decreases
Domestic retail gas prices from today (August 1) have been adjusted up following world gas prices. Accordingly, gas prices have increased by VND26,000-26,500 per 12kg cylinder. This is the first increase after two consecutive decreases.
Many gas businesses have just announced price reductions for this item starting August 1. Accordingly, compared to July, each 12kg gas cylinder delivered to consumers will increase by a common rate of 26,000-26,500 VND.
Specifically, Pacific Petroleum Trading Joint Stock Company said that from August 1, the company's gas price increased by VND26,000/12kg cylinder and VND108,000/50kg cylinder. Accordingly, the maximum retail price to consumers of this brand is VND411,000/12kg cylinder and VND1,711,000/50kg cylinder.
Similarly, Vietnam LPG Trading Joint Stock Company, Southern Branch, also said that from August 1, the gas price of this brand increased by VND26,000/12kg cylinder and VND97,515/45kg cylinder.
Meanwhile, Saigon Petroleum Company Limited (Saigon Petro) announced an increase of VND26,500/12kg cylinder from August 1. Thus, the retail gas price to consumers of this brand is VND373,500/12kg cylinder.
According to gas companies, the reason domestic gas prices have reversed and increased is due to the increase in world gas prices.
The average world gas price in August 2023 closed the contract at 465 USD/ton, an increase of 77.5 USD/ton compared to July. Therefore, domestic gas businesses also adjusted the increase accordingly.
Currently, domestic gas supply can only proactively meet about 60% of consumption. Therefore, domestic gas retail prices are controlled and influenced by world gas prices.
This is the second increase after two consecutive decreases in domestic gas prices. Previously, in July, domestic gas prices decreased by 18,000-18,500 VND/12kg cylinder.
Since the beginning of the year, domestic gas prices have decreased 4 times (in January, March, April, June and July) with a total decrease of 158,000 VND/12kg cylinder. Since the beginning of the year, domestic gas prices have increased 3 times (in February, May and August) with a total increase of 91,000 VND/12kg cylinder.
