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Gas reaches all-time highs as global prices keep soaring
Several gas agents in Hanoi have raised retail gas prices by VND5,000-15,000, hitting an all-time high of around VND280,000-295,000 (US$17.5-18.4) per 12kg canister, over the past few days.
Industry experts have attributed the higher prices to the price hike on the global market and the rising exchange rate between the US dollar and the Vietnamese dong.
This was the second time in June that agents reported increases in gas prices.
Industry experts have attributed the higher prices to the price hike on the global market and the rising exchange rate between the US dollar and the Vietnamese dong.
Particularly, on Monday, Shell Gas raised its prices by VND10,000-15,000, up to VND280,000-290,000 per canister. Prices at Petrolimex also reached up to VND295,000 per canister.
Sai Gon Petro, Petro-Vietnam, Vinagas and Gia Dinh Gas all raised their prices as well, up to roughly VND270,000 per canister.
"Given these numbers, consumption will surely decrease," claimed a gas agent owner, admitting that sales had plunged 30 per cent recently.
Khanh Huong, an owner on Nguyen Trai Street, said that clients in financial straits would surely shift to cheaper fuels.
A representative from Petrolimex's business department said that although Dinh Co plant had supplied Petrolimex with 40-50 per cent of its total fuel (with the remainder from exports), this would not stabilise gas prices on the domestic market.
"However, we cannot adjust the gas prices freely, because Dinh Co's price is ruled by the calculator price (CP) of global gas prices. We can only discount 5 per cent against the calculator price," the representative said.
VNN
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