Local gas trading firms have lowered the
retail price of cooking gas to 370,000 dong per 12-kilogram cylinder after the
global gas price for May delivery dropped by US$140 per ton.
Gas
traders such as Saigon Petro and Pacific Petro announced the price reduction on
Monday, selling the fuel at a common price of 370,000 dong per 12-kilogram
container, falling by 35,000 dong from early last month.
Do
Trung Thanh from Saigon Petro said that the local retail price was adjusted
after the gas contract price in May declined by US$140 per ton to US$852.5 per
ton.
The gas
price has now started to cool down after hitting the record high of US$1,205
per ton in March, pushing the local retail price to 480,000 dong per
12-kilogram container and leaving a huge impact on sales revenue of many
traders.
A gas
trader said that the contract price has been on the decline during last month.
Therefore, many firms have decided to sell cooking gas at reduced prices late
last month to spur the demand and reduce the stockpile.
The gas
stockpile has declined much, and thus local gas traders have lowered the retail
price in line with the global drop. The local retail price reduction early last
month was smaller than the global cut.
However,
according to gas trading firms, there is a rumor that the Ministry of Finance
will resume the gas import tax this month. If so, the local gas price will
increase in accordance with the import tax rise.
The
import tax on liquefied petroleum gas has now stayed at 0% after being lowered
from 5% on March 3. Following this tax cut, the local gas price was reduced by
16,000 dong per 12-kilogram cylinder.
Saigon
Times
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