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| Domestic gas retail prices have continued to drop sharply following a fall in the world market. |
Local gas traders have announced that gas prices have been reduced by VND2,917 (USD0.1) per kilo from today, bringing a 12 kilo canister down to VND 317,000 (USD10.9).
Deputy head of the marketing department at Saigon Petro Company, Do Trung Thanh explained the price reduction saying that the main reason for the cut was the falling price on the world market.
“At present, gas prices on the world market have dropped by 140 USD/tonne against April’s contract price to 852.50 USD/tonne,” Thanh said.
After continuous rises in the first three months, gas prices have fallen sharply over the last two months. The first reduction of VND 10,000 (USD0.3) a 12-kilo canister was made in March and the second of VND72,000 (USD2.50) in early April.
Gas prices have risen four times since the beginning of 2012, totally by VND 126,000 (USD7.40) a canister with the highest rise of VND 52,000 a canister recorded on March 1. The Ministry of Finance on March 2 decided to reduce gas import taxes from 5% to 0% and asked local traders to reduce retail prices.
