Domestic gas prices fall VND8,000/cylinder

The retail prices of domestic gas have decreased by VND8,000 per 12 kilo cylinder and VND30,000 per 45 kilo cylinder this morning, the online newspaper SGGP reported on December 8, citing local gas traders.

Petrovietnam Gas(PVGas), the biggest gas trader in Vietnam, currently cut prices of 12 kilo cylinder to between VND327,000-VND336,000 per cylinder.

This is the first time the gas prices have dropped since August after 5 consecutive increases in the same period. Earlier on December 1, the retail prices of domestic gas also increased by VND38,000 per 12 kilo cylinder.

The Petrovietnam(PVN), biggest state-owned group of Vietnam, instructed PVGas to stabilize the domestic gas prices through the lunar New Year following the Prime Minister of Vietnam’s call for price stabilization.

Vietnam Gas Association (VGA) has proposed to the Ministry of Finance to reduce the tax on imported gas to 2% from the current tax of 5%.

Vietnam has around 100 gas trading companies, including 10 large firms importing and distributing LPG in the domestic market. Foreign-led joint venture companies own over 50% of the market share and they usually adjust prices monthly. – Stoxplus.com

Tags: Vietnam gas, Vietnam Gas prices

Posted by VBN on Dec 8 2010. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry