Gas prices rise

Cooking gas prices continue soaringBy Tam An A delivery man handles a gas cylinder - PHOTO: MINH TAM HCMC – The retail price of cooking gas increased by VND10,000 per 12-kilo cylinder on September 1, reaching VND365,000-380,000 per cylinder, gas trading enterprises announced on August 31. This is the fifth consecutive month that retail gas prices in Vietnam have shot up under the pressure of import prices and exchange rate fluctuations. Along with the price hike of 12-kilo gas cylinder, a 45-kilogram gas cylinder is now priced at VND1.4 million, rising by VND37,000, and a 45-kilo cylinder costs VND1.56 million, up VND42,000 compared to the price last month. Representatives of gas trading firms attributed the spike in local retail gas prices to a rise in contract price for delivery in September by US$30 per ton against the price in August, reaching US$617.5 per ton. It is reported that cooking gas prices went up by VND11,000 per 12-kilo cylinder in August, and by a … [Read more...] about Cooking gas prices continue soaring

Exchange rate volatility impacts August gas pricesBy Tam An Gas prices in August will pick up by VND41,000 per 45-kilogram cylinder - PHOTO: MINH TAM HCMC – Local cooking gas prices will increase by VND11,000 per 12-kilogram cylinder, starting August 1, with recent exchange rate fluctuations being considered the key driver of the price hike. Le Quang Tan, sales manager of Pacific Petro, which owns brands such as Pacific, City and Eff, said that of the VND11,000 increase, nearly VND3,000 was the result of exchange rate movements between the U.S. dollar and the Vietnamese dong. The remainder was a direct effect of the gas contract price increase in August by US$25 per ton month-on-month, reaching US$585.5 per ton. At the start of July, local gas suppliers saw their prices affected by the exchange rate movements but temporarily avoided raising their retail prices, providing temporary relief for consumers. As the situation continued, they finally had to raise gas prices in … [Read more...] about Exchange rate volatility impacts August gas prices

Higher cooking gas price feared to chase CPI upTam An A delivery man handles a gas cylinder. The cooking gas price is going up, which will likely stoke inflation - PHOTO: TAM AN HCMC – The retail price of cooking gas in HCMC today increases by VND18,000 per 12-kilo cylinder to over VND350,000 per cylinder, which together with the higher prices of other fuels will drive up Vietnam’s consumer price index (CPI). Gas retailers have recently announced the price adjustment. The average price will be moved up by VND1,500 per kilogram, pushing a 50-kilo gas cylinder up by VND75,000 to VND1.47 million. In response to questions over the price hike, the retailers said the benchmark price for this month was regulated by Saudi Aramco, the world’s biggest gas supplier, at US$560 per ton, up US$57.5 per ton versus that of May. The gas price has increased in the two consecutive months, with the price surge last month set at VND750 per kilo. According to a report of the … [Read more...] about Higher cooking gas price feared to chase CPI up