The retail price of a 12-kg gas cylinder in HCMC and southern provinces declined by VND23,000 (96 cents) to VND415,000, due to decreasing world gas prices.
Saigon Petro Co. said that decrease occurred after gas suppliers in the world announced an average price of $597.5 per ton in January, down $52.5 against the previous month.
Gas prices had risen sharply in November and December during last year’s peak energy season.
Last April, the retail price of a 12-kg gas cylinder exceeded half a million dong for the first time.
According to gas retailers in major southern cities, when gas prices escalated, the demand decreased because many people switched to electric stoves.
Currently, the domestic gas price depends on world developments with the domestic supply meeting some 60% of consumption.
European natural gas prices fell this week to levels not seen since before Russia’s attacks in Ukraine.
Front-month natural gas futures on the Dutch Title Transfer Facility, the benchmark contract in Europe, plunged in recent weeks to bottom out below 77 euros ($81.91) per megawatt hour, a level not seen since February — prior to the beginning of a full scale war in Ukraine.
As of Thursday morning, they were trading at around 81.5 euros, according to CNBC.
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