Gas prices have dropped sharply.
Domestic retail gas prices have dropped by 33,640 - 35,500 VND per 12kg cylinder starting today (June 1st). The reason for this sharp drop in domestic gas prices is the rapid decline in global gas prices.
Many gas businesses have announced price reductions for this product effective June 1st. Accordingly, compared to May, the price of each 12kg gas cylinder delivered to consumers has decreased by 33,640 - 35,500 VND.
Specifically, the retail price of Petrolimex gas (including VAT) in Hanoi from June 1st is 371,600 VND/12kg household cylinder; and 1,486,300 VND/48kg industrial cylinder, a decrease of 33,640 VND/12kg cylinder and 134,660 VND/48kg cylinder respectively.
Similarly, City Petro announced that, starting June 1st, the retail price of their gas products will decrease by 2,968 VND/kg. This means that a 12kg City Petro gas cylinder will cost consumers 35,500 VND less, while a 45kg cylinder will see a reduction of up to 133,500 VND.
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Gas prices have dropped sharply. Photo: VnEconomy |
The Southern Branch of Vietnam LPG Trading Joint Stock Company also announced that, effective June 1st, the price of this brand of gas decreased by 35,000 VND/12kg cylinder and 131,250 VND/45kg cylinder compared to the previous month, equivalent to a reduction of 2,917 VND/kg (including VAT). Therefore, the retail price of this brand of gas to consumers is 384,912 VND/12kg cylinder and 1,443,000 VND/45kg cylinder.
Meanwhile, Pacific Petroleum Trading Joint Stock Company announced that, effective June 1st, the price of its gas will decrease by 35,500 VND per 12kg cylinder and 148,000 VND per 50kg cylinder. Accordingly, the retail price for consumers will be 403,000 VND per 12kg cylinder and 1,678,000 VND per 50kg cylinder.
According to gas companies, the reason for the sharp drop in domestic gas prices is the rapid decline in global gas prices.
Many countries around the world are experiencing hot summer weather, leading to decreased fuel consumption and consequently, lower global gas prices.
The average global gas price for June 2023 was settled at $445 per ton, a decrease of $110 per ton compared to May. Therefore, domestic gas businesses also adjusted their prices downwards accordingly.
Currently, domestic gas supply only meets about 60% of consumption. Therefore, retail gas prices in Vietnam are dominated and influenced by world gas prices.
Since the beginning of the year, domestic gas prices have decreased four times (in January, March, April, and June) with a total reduction of 123,000 VND per 12kg cylinder. Since the beginning of the year, domestic gas prices have increased twice (in February and May).
