Gas prices continue to fall

Gas prices in Vietnam are expected to drop further due to lower prices in the world market.

Representatives from gas wholesalers said that the global market has been seeing a continuing decline in gas prices. Last weekend, contract prices decreased by an average of USD130 per tonne, compared to USD722.5 per tonne at the beginning of the month.

If the decline continues through the end of June, gas retail prices will be reduced by VND38,000 (USD1.8), to around VND310,000 (USD14.76) per 12-kg canister.

These representatives added that they received a report from the Dung Quat Oil Refinery, saying that they will resume operations on June 7.

In early June the refinery halted its operations for maintenance, but contracts for the fuel were complemented by imports.

Lower gas prices have boosted demand, to the benefit of traders. One representative said, “Our profits have increased despite the fall in prices."