Vietnam: Gas Prices Hit New Record

Gas traders in Vietnam said that they have decided to raise the retail prices of liquefied petroleum gas by VND25,000-26,000 per 12-kilogram cylinder in the wake of the global price hikes.

 

This price hike has set a new record in Vietnam’s gas market, and is the sixth increase since mid-September after a slight fall of VND4,000 November 13, said experts.

 

From December 1, a 12-kg canister will be escalating to between VND251,000 and 271,000, depending on traders.

 

The world gas price has been raised by US$130 per ton to US$872.5 per ton from US$742.5 per ton, said Le Phuc Dai, director of Vinagas, elaborating that the gas prices are dependent on the global oil rates.

 

The figure will climb US$1,100 per ton, including transport fees, to Vietnamese gas traders, Dai added.

 

Recently, the Ministry of Finance of Vietnam decided to slash gas import tariffs for the second time this year to zero percent from two percent in a bid to keep domestic market stable to curb national inflation; however, authorities’ efforts has not kept track of the world fluctuations.

 

Vietnam is estimated to use up nearly one million metric tons annually in the coming years. In 2006, the country consumed around 800,000 tons with about 60 per cent being imported. (Labor)