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Gas prices climb back to record highs
Several gas companies raised retail gas prices between VND4,000-7,000 yesterday to once again hit the previous record of around VND274,000 (US$16.6) per 12kg canister on the domestic market.
Saigon Petro and Vina Gas increased prices by VND7,000 per 12kg canister, while Elf Gas and VT Gas raised prices by VND5,500 and VND4,000 per canister, respectively.
Industrial experts have attributed the raise to the price hike on the global market and the widening exchange rate between the US dollar and the Vietnamese dong.
The price on gas imports rose by $20 to $927.5 per tonne, up about $340 per tonne from last July, said Le Phuc Dai, director of Vina Gas.
In addition, higher transport costs pushed the total cost up to $1,100 per tonne, Dai added.
Gas suppliers have announced varied increases despite a level global price hike. This is an attempt by local gas suppliers to attract clients since the recent decrease in gas consumption.
Some gas stations admitted sales had plunged 30 per cent recently, because clients in financial straits were shifting to cheaper fuels or transport modes.
This is the third time that the gas price has risen in the past two months. In early May, the gas price surged by VND9,000 per canister and it continued rising by VND5,000 per canister in mid-June.
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