Vietnam: Some Gas Giants Withdraw Price Hike Despite Global Hike
Some big gas traders in Vietnam, on June 15, withdrew their decision to raise the domestic retail price by VND5,000 per 12-kilogram cylinder despite the increasing rate in the global gas market, said Nguyen Si Thang, chairman of the Vietnam Gas Association.
Some gas companies in Vietnam, which have larger market shares, have pledged no price hikes at present because the world price hike has not yet strongly affected the domestic market, and the country now still has stable gas supply sources, Thang said.
“We are calling other gas companies not to apply retail price increases at present to ensure market stability,” Trang said.
Vietnamese authorities are considering defining a standard retail gas price based on the world contracted price (CP) so as to avoid chaotic price adjustments as happened recently, he added.
Vietnam now has around 100 gas trading companies, including 10 big companies that import and distribute LPG in the domestic market.
Currently, foreign-led joint venture companies account for over 50 per cent of the market share. They usually adjust selling prices monthly. (Youth)
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