Domestic gas prices rise sharply; rice prices reverse and fall.

Domestic gas prices have risen sharply.

In the domestic market, according to information from several gas businesses, from October 1, 2023, the retail price of gas increased by 1,667 VND/kg (including VAT), equivalent to an increase of 20,000 VND per 12kg cylinder.

PetroVietNam Gas, a subsidiary of Vietnam LPG Trading Joint Stock Company - PV GAS LPG Southern Region, announced an increase in retail prices of 1,667 VND/kg, equivalent to 20,000 VND per 12 kg cylinder and 75,000 VND per 45 kg cylinder compared to September.

A representative from City Petro stated that, starting in early October, the retail price of their gas products increased by 75,000 VND for a 45kg gas cylinder and 83,000 VND for a 50kg gas cylinder. The retail price for a 12kg gas cylinder from this company is now 464,000 VND after the price increase.

The reason for this gas price increase is that the average world gas price in October 2023 was $607.5/ton, an increase of $52.5/ton compared to September 2023.

In addition, the surge in gas prices is also due to the explosion at the Bandar Abbas oil refinery in southern Iran following a gas leak, which affected the world's fuel supply and caused world oil prices to rise close to $94 per barrel.

This is the third consecutive month that gas prices have increased. Thus, since the beginning of the year, domestic gas prices have decreased five times (January, March, April, June, and July) and increased five times (February, May, August, September, and October).

The Japanese Yen continues its rapid decline.

The Japanese Yen exchange rates surveyed at specific banks on the morning of October 3, 2023 are as follows:

At Vietcombank, the Japanese Yen exchange rate is 157.80 VND/JPY for buying and 167.04 VND/JPY for selling, a decrease of 0.84 VND and 0.89 VND respectively.

At Vietinbank, the Yen exchange rate decreased by 0.06 dong in both buying and selling directions, equivalent to 158.4 VND/JPY and 168.1 VND/JPY. At BIDV, the buying rate decreased by 0.51 dong and the selling rate reached 159.35 VND/JPY and 167.63 VND/JPY. At Agribank, the buying and selling rates were 160.10 VND/JPY and 164.06 VND/JPY respectively - a decrease of 0.51 dong in both buying and selling directions.

At Eximbank, the buying and selling rates decreased by 0.22 VND/JPY and 0.17 VND/JPY respectively, reaching 161.64 VND/JPY and 166.20 VND/JPY. At Techcombank, the Japanese Yen exchange rate decreased by 0.15 VND/JPY and 0.16 VND/JPY respectively, reaching 157.4 VND/JPY and 169.7 VND/JPY. At Sacombank, the Japanese Yen exchange rate decreased by 0.31 VND/JPY to 160.13 VND/JPY and by 0.34 VND/JPY to 166.7 VND/JPY.

According to the survey, Eximbank has the highest buying rate for the Japanese Yen, while Agribank has the lowest selling rate among the surveyed banks.

Rice prices have reversed course and are falling, with slow trading activity in the market.

Today, rice prices in the domestic market adjusted downwards. Trading was slow, with many mills not yet having new stock to offer.

Accordingly, in An Giang province, according to updates from the Department of Agriculture and Rural Development, the prices of many rice varieties have decreased. OM 18 rice is priced at 8,000 - 8,100 VND/kg, down 100 VND/kg; fresh Dai Thom 8 rice is priced at 7,800 - 8,100 VND/kg, down 100 VND/kg. Prices for other varieties remain unchanged.

Regarding rice, the prices of raw and finished rice remained unchanged today. Accordingly, the price of IR 504 raw rice fluctuated around 12,000 - 12,100 VND/kg; while the price of IR 504 finished rice fluctuated around 13,900 - 14,000 VND/kg.

Observations in the Mekong Delta region today show that trading in autumn-winter rice is slow, and prices of all types of autumn-winter rice remain unchanged compared to the end of last week.

On the export market, rice export prices remained stable today. According to the Vietnam Food Association (VFA), the price of 5% broken rice was 613 USD/ton; the price of 25% broken rice fluctuated around 598 USD/ton.

Many rice exporting businesses say that export opportunities remain significant from now until the end of the year, as countries continue to increase rice imports for stockpiling. In particular, Malaysia currently needs to import up to 30% of its rice production to meet domestic consumption and reserve requirements. This presents a great opportunity for Vietnamese rice to boost exports.

Domestic coffee prices remain high.

As of 4:18 AM on October 3, 2023, coffee prices remain stable and at a relatively high level; the average price in the Central Highlands provinces is 66,400 VND/kg, with the highest price reaching 66,700 VND/kg.

Specifically, the purchase price of coffee in Gia Lai and Kon Tum provinces on October 3, 2023, was 66,300 VND/kg. In Dak Nong province, coffee was purchased at the highest price of 66,700 VND/kg.

The price of bulk green coffee beans (green coffee beans, fresh coffee beans) in Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, is being purchased at 65,900 VND/kg.

In Cu M'gar district, Dak Lak province, the current price of coffee is 66,400 VND/kg. In Ea H'leo district and Buon Ho town, the same price is being paid: 66,500 VND/kg.