Business

Cooking gas prices fall sharply

The price of liquefied petroleum gas (LPG) was slashed by 2,900 VND (14 US cents) per kg on May 1, meaning cooking gas prices would be cut by about 35,000 VND (1.7 USD) per tank weighing 12kg.
The price of liquefied petroleum gas (LPG) was slashed by 2,900 VND (14US cents) per kg on May 1, meaning cooking gas prices would be cut byabout 35,000 VND (1.7 USD) per tank weighing 12kg.

This was the sharpest cut in gas prices since the beginning of theyear, helping the retailing price of cooking gas fall to around 370,000VND (17.8 USD) per tank.

The key gas dealers saidgas prices showing signs of easing on the world market were the mainreason for the domestic cut. Many firms have inked LPG import contractsfor May with a price of about 850 USD per tonne, a level significantlylower than last month's figure of approximately 1,000 USD.

Cooking gas prices increased strongly earlier this year, soaring upto 90,000 VND (4.3 USD) per tank within the first two months of theyear, according to the Ministry of Finance's price managementdepartment.

Retailing prices began to fall fromMarch 3 when the ministry decided to exempt gas dealers from importduty, but they were down insignificantly 16,000-19,200 VND (0.77-0.92USD) per tank in March due to high world prices.-VNA
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