Retail prices of cooking gas in Vietnam will be down by VND15-19,000(US$0.75-0.95) per 12kg cylinder as of today, driven by a downturn in the global market. Many local gas distributors, such Saigon Petro and Petrolimex, Tuesday announced the price reduction after Saudi Arabian Oil Company announced a fall of $80 per ton of gas for June delivery.
It means that the contract gas price reduces from $970 to $ 890 per ton. The drop in local gas prices is, however, modest compared with strong fall in the global market.
Last month, all local retailers increased their gas prices by VND30,000 to VND385,000 per 12kg cylinder, hitting a record high in Vietnam.