Due to the slight increase in world gas prices, many businesses have adjusted domestic retail gas prices up in February.
Domestic gas prices
This is the first month in 2025 that gas prices have increased. In January 2025, gas prices decreased by VND3,500/12kg, due to the world gas price decreasing by USD12.5/ton compared to December 2024.
Specifically, in February, Southern Gas Trading Joint Stock Company (Gas South) increased retail gas prices for the Company's brands, including: Gas Dau Khi, VT-Gas, A Gas, Dak Gas, JP Gas and Dang Phuoc Gas.
Accordingly, the gas price increased by VND250/kg compared to the previous month, equivalent to an increase of VND3,000/12kg cylinder and VND11,250/45kg cylinder. After adjustment, the retail gas price to consumers is equivalent to VND477,400/12kg cylinder and VND1,791,611/45kg cylinder (including VAT) applicable to the Eastern and Western regions of the South.
Faced with this development, domestic gas businesses have adjusted retail prices in line with international trends.
However, the retail price of Petrolimex gas cylinders in the Hanoi market remains the same. Petrolimex Gas Corporation said that the retail price of Petrolimex gas cylinders (including VAT) in February 2025 in the Hanoi market is 460,100 VND/12 kg household cylinder; 1,840,100 VND/48 kg industrial cylinder, unchanged compared to the selling price last January.
According to Petrolimex Gas Corporation, although the average world gas price contract in February was at 630 USD/ton, an increase of 10 USD/ton compared to January, due to fluctuations in the USD exchange rate, Petrolimex Gas Corporation did not make any price adjustments.
World gas prices
On the world market, at 11:50 a.m. on February 4 (Vietnam time), the price of natural gas on the world market, the February 2025 futures contract (delivered on February 3) decreased by 0.89% to 3.319 USD/mmbtu.
European gas prices have surged to their highest since October 2023, due to supply disruptions after Ukraine refused to extend a gas transit deal with Moscow, Reuters reported.
Forecasts of colder weather have added to concerns in an already tight energy market.
Kiev has decided to end its five-year gas transit contract with Russian energy giant Gazprom by the end of 2024, cutting off Russian pipeline gas supplies to Hungary, Romania, Poland, Slovakia, Austria, Italy and Moldova.
Ukrainian President Vladimir Zelensky has said the contract termination is aimed at depriving Moscow of energy revenues. However, Slovakia and Hungary have accused the Kiev leader of deliberately causing the energy crisis for political gain.
The front-month benchmark contract at the Dutch gas hub TTF rose more than 4% on January 31, 2025, surpassing $590 per thousand cubic meters, or 53.62 euros per megawatt-hour, extending gains from previous days.
The EU's gas reserve level has fallen to around 55%, significantly lower than the 72% recorded at the same time last year and below the five-year average of 62%, data showed.
Analysts predict that heating demand will continue to increase as temperatures are forecast to continue to drop in the coming days.
The EU has faced a sharp drop in gas imports from Russia, which previously accounted for 40% of the bloc's total supplies, due to sanctions related to Ukraine and the sabotage of the Nord Stream pipeline in 2022.
To compensate, the bloc has increased its reliance on more expensive imports of liquefied natural gas (LNG) from the US and Norway, pushing up overall energy costs.
Recent outages at Norway's Gullfaks, Troll and Asgard fields have further restricted energy supplies to mainland Europe.
Despite ongoing efforts to reduce dependence on Russian energy, EU member states still import record volumes of Russian LNG.
In the first half of 2024, Russia emerged as the EU's second-largest LNG supplier, behind only the US, according to data from the Institute for Energy Economics and Financial Analysis.
US President Donald Trump has previously urged Brussels to buy more US LNG, threatening to impose tariffs if it does not comply.
According to The MarketWatch, analysts at DNB Markets have warned that the EU will become increasingly reliant on LNG amid rising geopolitical tensions, as current levels are “insufficient” for the European market to “balance and rebuild inventories for the coming winter.”
EU officials are now discussing the possibility of resuming Russian gas imports as part of a potential deal to resolve the Ukraine conflict, the Financial Times reported this week.
However, there is still caution that such a move could undermine ongoing efforts to diversify energy sources and reduce dependence on Russian supplies.
Moscow has also expressed skepticism about the feasibility of the reported plan.
Source: https://baodaknong.vn/gas-price-hom-nay-4-2-gas-price-trong-nuoc-tang-theo-gia-gas-the-gioi-241832.html
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