Domestic gas prices to continue falling VND8,000/cylinder

The retail prices of domestic gas will drop by between VND7,000-VND8,000 per 12 kilo cylinder this week after the Ministry of Finance (MoF) cut the tax on imported gas by 3%.

The retail prices of domestic gas will drop by between VND7,000-VND8,000 per 12 kilo cylinder this week after the Ministry of Finance (MoF) cut the tax on imported gas by 3%, the online newspaper Tuoitre reported on December 18, citing local gas traders.

Earlier, on December 17, MoF reduced the tax on imported gas to 2% from 5% as proposed by the Vietnam Gas Association, cutting the prices of $30 per ton.

This will be the second 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 fell by VND8,000 per 12 kilo cylinder and VND30,000 per 45 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 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 20 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