The Ministry of Finance has agreed for five gas enterprises to raise their prices from October as they said the request was reasonable.
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| Gas prices have strongly increased since the beginning of the year |
According to the Department of Price Management under the Ministry of Finance, five wholesalers including the PV Gas Trading under Petrovietnam Gas JSC, Saigon Petro, Petrolimex Hanoi, Petrolvietnam Southern Gas JSC and the Petrolvietnam Northern Gas JSC should all register their proposed increases.
The PetroVietnam Gas East Company Limited (PVGas Saigon) must also register their price ranges.
As of October 2, the Department of Price Management had received requests from all six enterprises and agreed to increase the price by VND13,500-16,590 (USD0.65-0.80) per kilo.
Domestic prices will increase because of the global gas price in October increased by USD45 per tonne compared to last month. After considering the import tax and fees and other expenses, gas prices had increased by an additional VND16,299 per 12 kilo cylinder.
The wholesale price at port warehousing also increased VND1.1 million-1.4 million per tonne, an increase of 4.41-5.38% compared to September.
The retail price to consumers this month in HCMC has increased by VND16,000 per 12 kilo cylinder to around VND434,000, the price in Hanoi also increased by VND13,464 per 12 kilo cylinder to VND449,000.
According to the results, the requested price rise was reasonable and meets global price trends.
However, the department reprimanded the Petrolvietnam Northern Gas JSC for mistakes in their gas price application. They had adjusted their prices on October 1 while their incorrectly completed dossier was sent on October 2, violating price registration regulations.
