Vietnam gas prices rise VND38,000/cylinder

The retail prices of domestic gas have increased by VND38,000 per 12 kilo cylinder to between VND335,000-VND343,000 per cylinder this morning

The retail prices of domestic gas have increased by VND38,000 per 12 kilo cylinder to between VND335,000-VND343,000 per cylinder this morning, Do Trung Thanh, deputy sales manager of Saigon Petrol Gas, local big gas trader said.

Petrolimex, the biggest gas trader in Vietnam, also raised VND38,000 per 12 kilo cylinder and VND41,000 per 13 kilo cylinder.

The local gas price hike is due to the higher prices of the global gas and higher domestic dollar prices. Spot gas prices in December rose $140 to $925 per ton while dollar prices rose to VND21,500/USD.

“Gas prices is expected to increase by VND59,000 per 12 kilo cylinder instead VND38,000 per cylinder when we has to buy dollar at the price of VND21,400, but sell gas at the price of VND19,500”, local gas firms said.

The country’s gas firms have started to apply new price from 7.30 a.m on December 1. This is the fifth time the gas prices have increased since August.

Earlier on November 1, the retail prices of domestic gas also increased by VND25,000 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. – Stoxplus.com

Tags: Vietnam Gas prices

Posted by VBN on Dec 1 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