Gas prices have decreased by 2,500 VND per cylinder.

On December 1st, several gas businesses in Ho Chi Minh City announced a reduction of 208 VND/kg in retail gas prices, equivalent to a decrease of 2,500 VND per 12kg cylinder (including VAT).

With this reduction, the retail price of 12kg gas cylinders from Saigon Petro Gas and Thu Duc Gas in Ho Chi Minh City will decrease to 291,000 VND/12kg cylinder; PetroVietnam Gas, VTgas SP, and Petrolimex brands will have prices ranging from 291,000 to 300,500 VND/12kg cylinder.

The gas business will be decentralized and managed by districts, cities, and towns.

The reason for this price adjustment is that the world import price of gas for December was announced at $400/ton, a decrease of $15/ton compared to November 2016. Businesses also factored in the increase in the USD exchange rate from 22,350 VND/USD to 22,720 VND/USD.

At the beginning of last month, the price of gas increased sharply by 19,000 VND per 12 kg cylinder.

The Vietnam Gas Association forecasts Vietnam's gas supply and demand in 2017 to be around 1.84 million tons, an 8% increase compared to 2016. Imports are expected to remain stable and abundant.

According to the Vietnam Gas Association, in 2017, domestically produced and imported goods met production and consumption needs. Domestic products accounted for approximately 45% and imports for about 55%.

In 2016, the global supply of natural gas to Vietnam was abundant, reaching approximately 1.7 million tons, an increase of about 10% compared to 2015 (approximately 155,000 tons). The proportion of domestic production and imports in 2016 was approximately 48% and 52%, respectively.

According to forecasts from the Vietnam Gas Association, gas prices in 2017 will remain stable, without significant fluctuations. World prices are expected to range from 318-518 USD/ton. Domestic selling prices will be around 250,000-400,000 VND per 12 kg cylinder, depending on the brand.

According to Bach Duong/vneconomy