Domestic gas prices in August increased again after 2 consecutive months of decrease

After two consecutive months of decline, domestic retail gas prices in August turned to increase following the increase in gas prices on the world market.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in August 2023 in the Hanoi market is 380,160 VND/12 kg household cylinder; 1,520,640 VND/48 kg industrial cylinder, respectively increasing by 26,360 VND/12 kg cylinder and 105,640 VND/48 kg cylinder (including VAT).

According to Mr. Nghiem Xuan Cuong - Head of the Department of Commercial and Civil Gas Business, Petrolimex Gas Corporation - JSC, the reason for the increase in retail gas prices in August is because the average world gas price contract in August was at 465 USD/ton, an increase of 77.5 USD/ton compared to July, so Petrolimex Gas Corporation made adjustments according to the corresponding increase.

Thus, since the beginning of the year, domestic gas prices have decreased five times (January, March, April, June and July) and increased three times in February, May and August.

In the world market, in the early morning of July 31 (Vietnam time), world gas prices increased by 0.68% to 2.65 USD/mmBTU for natural gas contracts for delivery in September 2023. Gas prices have set a 5th consecutive week of increase as investors are optimistic that strong demand and reduced supply will support prices.

Forecasts that August temperatures could be cooler than July have made natural gas buyers more cautious. Gas buyers are already factoring in the fact that July’s extreme heat will continue into the following months, increasing demand for gas for power generation and air conditioning. These factors will also put pressure on natural gas prices.

According to baotintuc.vn

Source: http://baodanang.vn/channel/5404/202308/gia-gas-trong-nuoc-thang-8-tang-tro-lai-sau-2-thang-giam-lien-tiep-3951627/