Gas retail prices drop

PV Gas South, a state-run PetroVietnam offshoot which holds 60 percent of the market share, reduced cooking gas retails by VND8,000 (US$0.41) for a 12-kilogram cylinders Wednesday.

The drop was the first price cut on cooking gas after a four-month hike in the face price increases from other distributors. Earlier this month the price of a 12-kilogram cylinder was raised by VND38,000 to VND335,000-357,000.

Other cooking gas suppliers such as PetroVietnam Gas, VT Gas, Dang Phuoc Gas and A Gas are setting their new prices between VND327,000-349,000 per 12-kilogram cylinder.

PV Gas South’s cooking gas retail prices dropped VND30,000 ($1.53) for 45-kilogram cylinders.

Gas retail prices have been raised several times since late last year, each time on an average of VND4,000-22,000 per 12-kilo cylinder.

Although price-cutting is part of the government-promoted price stabilization program lasting until the end of the Lunar New Year Holiday, the price reduction for gas is just being applied until the end of December, Tran Van Nghi, deputy director of the PV Gas South, told Tuoi Tre.

“The prices are applied for all gas retail systems of PV Gas South from Da Nang to Ca Mau Province. Depending on world’s gas price, PV Gas South will adjust its gas prices from the beginning of January 2011,” Nghi added.

Tags: Vietnam Gas prices