Accordingly, gas companies will reduce prices for 12kg gas cylinders by about 3,500 VND/cylinder.
Specifically, the retail price of Petrolimex gas cylinders (including VAT) in June in the Hanoi market is 445,400 VND/12 kg household cylinder; 1,781,500 VND/48 kg industrial cylinder, respectively decreasing 3,400 VND/12 kg cylinder and 13,700 VND/48 kg cylinder (including VAT).
According to Mr. Nghiem Xuan Cuong, Head of the Department of Civil and Commercial Gas Business - Petrolimex Gas Corporation, the reason for this price reduction is that the average world gas price contract in June was at 572.5 USD/ton, down 10 USD/ton compared to May, so Petrolimex Gas Corporation made adjustments according to the corresponding reduction.
Thus, since the beginning of the year, domestic gas prices have increased 3 times and decreased 3 times.
In the world market, gas prices decreased by 2.56% to 2.59 USD/mmBTU for natural gas contracts for delivery in June 2024.
In Asia, spot liquefied natural gas (LNG) prices rose for a fourth straight week and hit a five-month high, as demand picked up, following gains in the European gas market amid concerns over possible disruptions to Russian gas supplies, Reuters reported.
“Spot LNG prices remain high, supported by rising demand, unplanned outages and ongoing geopolitical risks,” said Alex Froley, senior LNG analyst at data intelligence firm ICIS.
“Asian buyers are increasing demand to take advantage of lower prices this year compared to last year, with countries including China and Thailand seeing record imports,” Mr Froley said.
Hot weather in some Asian markets has boosted electricity demand, supporting purchases. Meanwhile, temperatures in eastern China are forecast to remain above seasonal levels, supporting gas consumption.
In Europe, rising gas prices have tightened discounts to Asian markets significantly, amid maintenance outages in Norway and concerns about Russian pipeline supplies after Austria said gas supplies from Russia's Gazprom could be suspended following a foreign court ruling.
In the US, Freeport’s LNG production has surged in recent days as all three trains are running near full capacity. Production at other US terminals has also been largely stable.
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