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Friday, July 19, 2024

Cooking gas prices down further

The Saigon Times

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HCMC – The domestic cooking gas price declined by VND18,500 to VND430,500 per 12-kilogram cylinder starting today, August 1, marking the fourth consecutive month of cooking gas price falls.

Overall, the local cooking gas price of a 12-kilogram cylinder from May to August has shed by a total VND85,500.

The gas price fall in August came after global suppliers announced that fuel prices averaged US$665 per ton, dropping US$60 against the previous month, said a representative of Saigon Petro.

The domestic cooking gas price has been moving in line with global prices. Domestic supply meets around 60% of domestic demand.

Scorching weather in the summer has led to the demand for natural gas in many parts of the world dwindling, thereby helping drive global gas prices down.

However, global suppliers forecast that the gas prices could reverse course to rise further as it gets colder in fall during which the demand for natural gas will increase again.

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