Decline for the third consecutive session

According to the latest reports, today's gas prices in the global market continued to fall for the third consecutive session, with a correction of more than 2.5%. Information from Oilprice indicates that the Asian coal boom is bad news for natural gas, and Asia's largest economies will not abandon coal despite some having ambitious clean energy targets.

World market

According to Oilprice.com at 8:28 AM on March 1, 2025 (Vietnam time), world natural gas prices continued to fall sharply by 2.54% (equivalent to $0.100) to $3,834/mmBTU.

Source: Oilprice.com

According to Oilprice.com, Asia's largest economies will not abandon coal despite some having ambitious clean energy targets. China has approved 66.7 gigawatts (GW) of new coal-fired power capacity by 2024, with Asia's largest economy building coal-fired power plants at a record pace as it tries to counteract the impact of drought on hydropower production. According to China's National Bureau of Statistics (NBS), China's coal output is expected to reach a record 4.76 billion tonnes in 2024, a 1.3% increase from 2023. Simultaneously, 94.5 GW of new coal-fired power projects have begun construction and 3.3 GW of suspended projects have resumed construction in 2024, the highest level since 2015, with a significant number of new coal-fired power plants expected to come online in the next 2-3 years.

"The Chinese government has placed energy security and the energy transition at odds. Beijing has made it clear that coal power will continue to grow at a 'reasonable pace' until 2030," Gao Yuhe of Greenpeace told Reuters.

Meanwhile, two years ago, India's Coal Minister declared that the country had no intention of removing coal from its energy mix anytime soon. Speaking before a parliamentary committee, Minister Pralhad Joshi stated that coal would continue to play a significant role in India until at least 2040, viewing it as an affordable energy source whose demand has yet to peak.

"Therefore, there will be no transition away from coal in India in the near future," Joshi said, adding that the fuel will continue to play a significant role until 2040 and beyond.

Domestic market

Due to a slight increase in global gas prices, many businesses adjusted domestic retail gas prices upwards in February, marking the first month of price increases in 2025. In January 2025, gas prices decreased by 3,500 VND/12kg, due to a 12.5 USD/ton decrease in global gas prices compared to December 2024.

Specifically, in February, Southern Gas Trading Joint Stock Company (Gas South) increased retail gas prices for its brands, including: Gas Dầu Khí, VT-Gas, A Gas, Đăk Gas, JP Gas, and Đặng Phước Gas.

Accordingly, the price of gas increased by 250 VND/kg compared to the previous month, equivalent to an increase of 3,000 VND/12kg cylinder and 11,250 VND/45kg cylinder. After the adjustment, the retail price of gas for consumers is 477,400 VND/12kg cylinder and 1,791,611 VND/45kg cylinder (including VAT) applicable to the Eastern and Southwestern regions of Vietnam.

However, the retail price of Petrolimex gas cylinders in Hanoi remains unchanged. Petrolimex Gas Corporation announced that the retail price of Petrolimex gas cylinders (including VAT) for February 2025 in Hanoi is 460,100 VND/12 kg household cylinder; and 1,840,100 VND/48 kg industrial cylinder, unchanged from January.

According to Petrolimex Gas Corporation, although the average world gas price contract for February was $630/ton, an increase of $10/ton compared to January, Petrolimex Gas Corporation did not adjust prices due to fluctuations in the USD exchange rate.

Source: https://baodaknong.vn/gia-gas-hom-nay-1-3-giam-phien-thu-ba-lien-tiep-244264.html