Gas prices fall on global oil declines
Gas prices fell VND69,000 (US$3) per 12kg canister on Wednesday as global crude oil prices dropped sharply.
Saigon Petro Co., Ltd said its maximum retail price would not exceed VND277,000 per 12kg canister.
Pacific Oil and Gas Import-Export Trading JSC said that retail prices of gas brands Pacific Petro, Esgas, City Petro would not exceed VND301,000 per 12kg canister and VND1,254,500 per 50kg canister.
The Viet Nam Gas Association's Southern Gas Branch said that the global import contract price set for this month had fallen $220 per tonne, leading to a record drop in domestic gas prices as global oil prices continued to plummet.
Gas enterprises said that the record cut in gas prices coincided with social distancing, and would be beneficial to households because many people were being forced to work from home, raising the demand for cooking gas.