The price rose again at the beginning of the week.

Opening the trading session on the morning of February 26, 2024, today's gas price in the world market increased by 4.53% to 1.77 USD/mmBTU for the April 2024 natural gas futures contract.

The retail price of gas in Hanoi in February 2024 was 458,100 VND per 12 kg household gas cylinder.

Gas prices in Europe have fallen to their lowest levels in almost three years amid mild winter weather and stable, high European gas inventories. This offers hope that the energy crisis that has plagued the region for the past three years may be nearing its end.

According to the Aggregate Gas Storage and Supply System (AGSI), the European Union's (EU) current gas reserves are at 64.7% of their storage capacity. Meanwhile, the UK's gas reserves are at 77.15% capacity.

Gas prices in Europe peaked in the summer of 2022, at one point soaring to over 300 euros/MWh, as Russia continued to tighten its supply to the region following its invasion of Ukraine and the weaponization of its abundant gas reserves.

Since then, coordinated efforts by EU countries to curb demand, as well as strong LNG imports from countries like the US and successive warm winters, have helped alleviate Europe's gas supply crisis.

According to the European Commission, gas supplied via Russian pipelines, which accounted for 40% of the EU's supply before the Ukraine war, has fallen to 8%.

Nevertheless, Europe has been unable to stop importing Russian gas, with some countries continuing to buy at record rates. According to High North News, European countries continue to purchase more than half of Russia's gas production.

Throughout 2023, Spain emerged as a major importer, surpassing previous record buyers France and Belgium. Norway also continued to expand its LNG portfolio, including destinations outside the EU.

Despite European officials supporting measures to restrict the flow of Russian liquefied natural gas (LNG) into the EU, the reality is trending in the opposite direction.

Last year, European countries imported 19.5 billion cubic meters (bcm) of LNG from Russia; plus another 5.2 billion cubic meters transported through European ports and exported to countries outside Europe.

In total, EU countries have purchased more than $30 billion worth of Russian LNG since the Russia-Ukraine conflict began in February 2022. During that period, Russia was the second-largest supplier of LNG to the EU, after the US, ahead of Qatar and Algeria.

In the domestic market, retail gas prices have increased since February 1st, following the upward trend of world gas prices, with each 12kg gas cylinder increasing by approximately 5,000 VND/kg.

Specifically, the retail price of Petrolimex bottled gas in Hanoi in February 2024 (including VAT) is 458,100 VND/12 kg household cylinder; 1,832,200 VND/48 kg industrial cylinder, an increase of 5,340 VND/12 kg cylinder and 21,160 VND/48 kg cylinder respectively (including VAT) compared to January prices.

Gas businesses in the South report that gas companies have increased the price of 12kg gas cylinders by over 60,000 VND per cylinder. This is equivalent to an increase of approximately 5,000 VND per kilogram of gas.

At Pacific Petro Trading Joint Stock Company (Gas Pacific Petro), from February 1st, the price of gas increased by 417 VND/kg (including VAT).

Accordingly, the price of a 6kg gas cylinder increased by 2,500 VND/cylinder, a 12kg cylinder by 5,000 VND/cylinder, a 45kg cylinder by 19,000 VND/cylinder, and a 50kg cylinder by 21,000 VND/cylinder. The final price for a 6kg gas cylinder reaching consumers will not exceed 269,000 VND/cylinder, a 12kg cylinder at 479,000 VND/cylinder, and a 45kg cylinder at 1,796,500 VND/cylinder…

Saigon Petro, a limited liability company, announced an increase of 5,000 VND per 12kg cylinder effective February 1st. Accordingly, the retail price for consumers will be 441,000 VND per 1kg cylinder.

Similarly, the Southern branch of Vietnam LPG Trading Joint Stock Company announced that, from February 1st, the selling price of PetroVietNam Gas will increase by 5,000 VND/12kg cylinder and 18,765 VND/45kg cylinder.

At Ban Mai Xanh gas system, from February 1st, gas prices were adjusted upwards by 3,000 VND/6kg cylinder (266,000 VND/cylinder), 5,000 VND/12kg cylinder (438,000 VND/cylinder), and 19,000 VND/45kg cylinder (1,589,000 VND).

The reason for this price increase is that the average world gas price contract for February 2024 is at 635 USD/ton, an increase of 10 USD/ton compared to January 2024, so Petrolimex Gas Corporation is adjusting prices accordingly.

This is the second consecutive month in 2024 that gas prices have been adjusted upwards. Previously, domestic retail gas prices in January 2024 increased by 6,000 VND/12kg cylinder, 22,500 VND/45kg cylinder, and 25,000 VND/50kg cylinder.

This information is for reference only!

Source: https://congthuong.vn/gia-gas-hom-nay-ngay-2622024-tang-tro-lai-vao-dau-tuan-305254.html