Vietnam gas prices increase by VND15,000

The retail prices of domestic gas have increased between VND14,000-VND15,000 per 12 kilo cylinder, from September 1.

Retail gas of SaiGon Petro, Thai Duong Gas, Gia Dinh Gas have been sold between VND258,000-VND290,000/cylinder.

Do Trung Thanh, Deputy Sales Manager of Saigon Petro attributed the gas price hike to thehigher prices of the global gas, citing spot gas prices in September rose $55 from August to $640/ton, and adjustment of the interbank exchange rate from the VND18,544 to VND18,932 to the dollar on August 18 as well.

This is the second time the gas prices have increased in two weeks.

Earlier on August 19, the retail prices of domestic gas have increased by VND4,000 per 12 kilo cylinder.

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.

Tags: Vietnam Gas prices