Gas prices increase from today; Low supply pushes pepper prices up

Gas prices increase from today

After a sharp decline in April, domestic gas prices turned around and increased slightly in early May, with a common increase of VND2,000 per 12 kg cylinder.

Accordingly, after a sharp price reduction in April to 62,000 VND/12kg cylinder, in May each 12kg gas cylinder delivered to consumers increased slightly by about 2,000 VND, and the 45kg cylinder increased by more than 7,000 VND/cylinder, depending on the brand.

For example, Saigon Petro Company Limited announced that from May 1, its gas price will increase by VND2,000/12 kg cylinder and the retail price to consumers will be VND401,000/12 kg cylinder.

Domestic gas prices have slightly increased in early May, with a common increase of VND2,000 per 12 kg cylinder. Photo: Viet Phuong

Similarly, the gas brand City Petro also announced that from May 1, gas prices will increase by VND2,000/12 kg cylinder and VND7,500/45 kg cylinder compared to April. Accordingly, the retail price to consumers is VND438,500/12 kg cylinder; VND1,644,000/45 kg cylinder...

Vietnam LPG Trading Joint Stock Company - PV Gas LPG Southern also said that the company's gas price will also increase by 2,000 VND for 12 kg gas cylinders and 7,500 VND for 45 kg gas cylinders. The maximum retail gas price is 420,000 VND/12 kg cylinder, about 1,575,000 VND/45 kg cylinder.

Thus, gas prices have reversed after two consecutive increases. Since the beginning of the year, gas prices have increased twice and decreased three times. Currently, this fuel price is equivalent to October 2022.

The increase in domestic gas prices this time is due to the world gas price in May closing at 555 USD/ton, an increase of 5 USD/ton compared to April. Currently, about 60% of domestic gas is imported, so gas prices are controlled and affected by world prices.

According to the General Statistics Office, the average core inflation in the first four months of the year increased by 4.9% compared to the same period in 2022, higher than the average CPI (up 3.84%). The main reason is that the average domestic gasoline price in the first four months of the year decreased by 12.22% compared to the same period last year, the gas price decreased by 6.73%, which is a factor that restrains the CPI growth rate but belongs to the group of goods excluded from the list of core inflation calculations.

Gasoline prices today (May 2): Concerns about interest rate hikes, oil prices drop sharply

Today's oil price (May 2), the world market recorded a decrease of about 1 USD due to concerns about the possibility of interest rate hikes and weakening demand.

Oil prices on the morning of May 2 (Vietnam time) specifically: US WTI crude oil price decreased by 0.96 USD, down to 75.76 USD/barrel, Brent oil price decreased by 1.17 USD, down to 79.1 USD/barrel.

Oil prices fell as concerns about the economic impact of a potential U.S. Federal Reserve interest rate hike and weaker Chinese manufacturing data outweighed support from OPEC supply cuts that took effect this month.

The Fed meets on May 2-3 and is expected to raise interest rates by 25 basis points. A rising US dollar makes oil more expensive for holders of other currencies.

Domestic retail gasoline prices on the morning of May 2 were applied according to the adjustment session on April 21 by the Ministry of Finance - Ministry of Industry and Trade.

Concerns about the banking system have weighed on oil prices in recent weeks as the third-largest U.S. institution to fail in two months, U.S. regulators said, First Republic Bank was seized and a deal was agreed to sell the bank to JPMorgan.

U.S. crude oil exports rose more than expected last month, hitting a record 4.5 million barrels per day (bpd) in March, as Chinese refiners stocked up to meet surging fuel demand, according to analysts and ship-tracking data.

The domestic retail price of gasoline on the morning of May 2 was applied according to the adjustment session on April 21 by the Ministry of Finance - Ministry of Industry and Trade. Specifically, the price of RON95 gasoline decreased by 610 VND/liter, the selling price was 23,630 VND/liter. The price of E5 gasoline decreased by 490 VND/liter, the selling price was 22,680 VND/liter. The prices of some oil products decreased, some increased. Specifically, diesel oil was 19,390 VND/liter, down 750 VND. Kerosene has a new price of 19,480 VND, down 250 VND, mazut oil increased by 650 VND, the new price is 15,840 VND/kg.

In this adjustment period, the management agency has decided to set aside 300 VND per liter for E5 gasoline, RON 95, DO oil and kerosene. Only mazut oil is not set aside or used.

According to the calendar, May 1 is the day for adjusting domestic gasoline prices. However, May 1 coincides with the April 30-May 1 holiday, so it was moved to May 4.

Rice price today (May 2): Increased by 200 VND/kg for many types of rice

Rice prices today (May 2) in the Mekong Delta fluctuated in opposite directions. Accordingly, at An Giang warehouse, rice prices remained stable. Specifically, OM 18 rice is being purchased by traders at 6,500 - 6,600 VND/kg; An Giang fresh sticky rice is 6,000 - 6,200 VND/kg; Long An fresh sticky rice is 6,600 - 6,800 VND/kg; Dai Thom 8 is being purchased by traders at 6,800 - 7,000 VND/kg; IR 504 rice is being purchased by traders in the field at 6,200 - 6,400 VND/kg; Nang Hoa 9 is at 6,400 - 6,600 VND/kg; OM 5451 remains at 6,400 - 6,500 VND/kg; OM 18 rice is at 6,600 - 6,800 VND/kg; Long An dry sticky rice is 9,000 - 9,200 VND/kg, An Giang dry sticky rice fluctuates at 8,400 - 8,600 VND/kg and IR 504 dry rice remains at 6,500 VND/kg.

Meanwhile, in Can Tho, the price of OM 4218 rice increased by 100 VND/kg to 7,400 VND/kg; other types remained stable such as IR 50404 at 6,800 VND/kg, Jasmine at 7,600 VND/kg.

In Nghe An, the price of finished rice has not fluctuated. In the photo: Rice warehouse of members of Nam Cat Agricultural Service Cooperative, Nam Dan. Photo: Viet Phuong

Rice price in Soc Trang such as ST 24 is 8,200 VND/kg, down 100 VND/kg; but OM 4900 is 6,900 VND/kg, up 200 VND/kg, Dai Thom 8 is 8,000 VND/kg, up 100 VND/kg.

Rice prices in Tien Giang increased in some varieties such as IR 50404 at 6,600 VND/kg, an increase of 100 VND/kg; OC10 rice alone increased by 200 VND/kg to 6,800 VND/kg. Jasmine remained stable at 7,200 VND/kg.

Regarding rice, the price of raw rice and finished rice products did not fluctuate. Accordingly, the price of raw rice was at 9,700 VND/kg. Similarly, the price of finished rice products also remained stable at 10,800 - 10,900 VND/kg.

Regarding by-products, the price of IR 504 sheet remained stable at 9,300 VND/kg; dry bran increased and fluctuated around 7,350 - 7,450 VND/kg.

According to the Vietnam Food Association, the export price of 5% broken rice from Vietnam on April 22, 2023 fluctuated around 483-487 USD/ton; Jasmine rice was at 553-557 USD/ton.

Mr. Nguyen Ngoc Nam - Chairman of the Vietnam Food Association said that Vietnam has the advantage of early supply from the winter-spring rice crop, stable rice output and quality, so it is forecasted that in the short term, Vietnamese rice prices will remain good.

In general, regarding the rice export market this year, supply is lower than demand, so output is favorable. The problem of the rice industry this year is the production and production linkage to have rice varieties suitable to market demand.

Pepper price today (May 2): Low supply pushes pepper price up

Pepper prices today (May 2) remain stable in key markets. Currently, domestic pepper prices fluctuate between 67,000 - 69,500 VND/kg. The market is flat during the long holiday.

In the Central Highlands, pepper prices today remain around 67,000 - 68,000 VND/kg. Specifically, in Gia Lai, pepper prices today are purchased by traders at 67,000 VND/kg. Meanwhile, in Dak Lak and Dak Nong provinces, pepper prices today are stable at 68,000 VND/kg.

Pepper prices are currently anchored at high levels.

Similarly, in the Southeast, pepper prices also tend to move sideways. Currently, pepper prices in Ba Ria - Vung Tau are being purchased by traders at 69,500 VND/kg. In Dong Nai, pepper prices fluctuate around 69,500 VND/kg; in Binh Phuoc, pepper prices today are at 69,000 VND/kg.

In the world market, at the end of the weekend trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 3,587 USD/ton; The price of Muntok white pepper was 6,081 USD/ton.

For the remaining countries, prices remained stable. Specifically, the price of Brazilian black pepper ASTA 570 was at 2,950 USD/ton; the price of Kuching (Malaysia) black pepper ASTA remained at 4,900 USD/ton; the price of Malaysian white pepper ASTA remained at 7,300 USD/ton.

Vietnam black pepper price is traded at 3,275 USD/ton for 500 g/l, 3,325 USD/ton for 550 g/l; white pepper price is at 4,830 USD/ton.

According to businesses, more than half of this year's new crop has been brought to the market, the remaining amount is not much, most of which are waiting for high prices to sell. In April, Vietnam is estimated to have exported 25,000 - 30,000 tons, bringing the total export volume in the first 4 months of 2023 to 102,000 - 107,000 tons, higher than the 79,410 tons recorded in the first 4 months of 2022.