Importers to register gas prices
Importers to register gas prices
The Ministry of Finance has sent a letter to liquefied petroleum gas (LPG) importers nationwide asking them to register their sales prices before putting their products on the market.
The letter said gas importers must email price changes with e-signatures or fax notifications to the Ministry, and then call to confirm they have been received.
Importers are also required to explain reasons for price changes and inform their distribution networks.
The move follows a hike in cooking gas prices last week, which spiked by VND16,000 (0.77 US cent) to an average of VND434,000 (US$ 21) per 12kg canister.
The new price, a 4 per cent rise over last month, was attributed to high global prices which this month hit $995 per tonne, a $45 increase against the previous year.
According to the MoF, Viet Nam's imports of LPG accounted for between 30-40 per cent of the local market.
This has had a large influence on domestic gas prices as global prices fluctuate. The global crude oil price has also increased rapidly due to high demand for LPG in many countries as they seek to stockpile ahead of the winter
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