Accordingly, gas companies will reduce the price of 12kg gas cylinders by approximately 3,500 VND per cylinder.
Specifically, the retail price of Petrolimex gas cylinders (including VAT) in Hanoi in June was 445,400 VND/12 kg household cylinder; and 1,781,500 VND/48 kg industrial cylinder, a decrease of 3,400 VND/12 kg cylinder and 13,700 VND/48 kg cylinder respectively (including VAT).
According to Mr. Nghiem Xuan Cuong, Head of the Domestic and Commercial Gas Business Department of Petrolimex Gas Corporation, the reason for this price reduction is that the average world gas price contract for June was at 572.5 USD/ton, a decrease of 10 USD/ton compared to May, so Petrolimex Gas Corporation adjusted prices accordingly.
Thus, since the beginning of the year, domestic gas prices have increased three times and decreased three times.
On the world market, gas prices fell 2.56% to $2.59/mmBTU for natural gas futures contracts for June 2024.
In Asia, spot prices for liquefied natural gas (LNG) rose for the fourth consecutive week and reached a five-month high, driven by increased demand, following gains in European gas markets amid concerns about potential disruptions to Russian gas supplies, Reuters reported.
Alex Froley, Senior LNG Analyst at data intelligence firm ICIS, said: "Spot LNG prices remain high, supported by rising demand, unexpected shutdowns and ongoing geopolitical risks."
"Asian buyers are increasing their demand to take advantage of lower prices this year compared to last year, with countries including China and Thailand seeing record import levels," Froley said.
Hot weather across some Asian markets has boosted electricity demand, supporting purchasing activity. At the same time, temperatures in eastern China are forecast to remain above seasonal levels, supporting gas consumption.
In Europe, rising gas prices have significantly tightened the downward pressure on Asian markets, amid maintenance shutdowns in Norway and concerns about Russian pipeline supplies after Austria indicated that gas supplies from Russia's Gazprom could be suspended following a foreign court ruling.
In the US, Freeport's LNG output has surged in recent days as all three of its vessels are operating near full capacity. Production at other US terminals has also remained largely stable.
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