Gas prices fall after several hikes

Saigon Petro Company has decided to cut gas prices by VND12,000 per 12-kilo cylinder beginning today, December 1, one official said.

Saigon Petro Company has decided to cut gas prices by VND12,000 (USD0.6) per 12-kilo cylinder beginning today, December 1, one official said.

Gas prices cut after four consecutive hikes

Do Trung Thanh, deputy head of the company’s business department, said the price cut follows a fall in world prices of USD40 per tonne to USD980 per tonne.

After the price cut, retail gas price will be at VND429,000 (USD20.5) per 12-kilo canister.

This is the first price cut after several consecutive price rises over the past four months.

However, the price cut still is rather modest compared to a combined rise of VND126,000 (USD6) during the four-month period.

Domestic gas prices have been somewhat volatile since early this year. The local market has seen eight price hikes and four price cuts so far this year.