Vietnamplus

Retail gas prices in Vietnam, after dropping for two consecutive months, have bounced back this month following an increase in the global market.

The retail gas prices in domestic market decreased on June 1 following the falling prices in world market.

Prime Minister Pham Minh Chinh has asked Minister of Industry and Trade Nguyen Hong Dien to keep a close watch on the information about oil and gas prices and Malaysia’s ability to supply the fuel to Vietnam.

The consumer price index (CPI) of Hanoi in the first quarter of 2022 rose by 2.66 percent against the same period last year, the municipal Statistics Office reported on March 29.

Ho Chi Minh City’s consumer price index (CPI) in March increased 0.6 percent month-on-month and 2.03 percent year-on-year, pushing up the index in the first quarter of this year by 1.51 percent.

The escalating oil and gas prices would reduce and even neutralise the effect of the 2-percent VAT cut which was intended to stimulate consumption, stir growth and reduce inflation pressure, thus resulting in failure to achieve the growth target, losses to the budget and rising inflation, according to Nguyen Bich Lam, former Director General of the General Statistics Office (GSO).

Rising production costs might force the Vietnam Electricity (EVN) to raise retail power prices but no official decisions had been made for this year, according to SSI Research.

Agreements on wellhead gas prices and transport costs for Block B – O Mon gas project were signed in Hanoi on September 1.

Sharply decreasing Liquid Natural Gas (LNG) output and increasing prices of new gas resources are forcing Vietnam to look to increase LNG imports.

The Saigon Petro Company on February 1 reduced the retail price of a 12kg cooking gas canister in HCM City by 20,500 VND (0.92 USD) to 257,000 VND (11.55 USD).

Prices of essential goods continued their downward trend this month, including those of petrol, oil and gas, according to the Ministry of Finance's Price Management Department.