Retail prices of Petrolimex gas cylinders (including VAT) in March in Hanoi are 460,740 VND for a 12kg domestic cylinder, an increase of 2,640 VND per cylinder; and 1,842,760 VND for a 48kg industrial cylinder, an increase of 10,560 VND per cylinder compared to the previous month.

Retail gas prices in the domestic market will continue to be adjusted upward from March 1st. This marks the third consecutive month of increases in retail gas prices this year.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) for March in the Hanoi market is 460,740 VND for a 12kg domestic cylinder and 1,842,760 VND for a 48kg industrial cylinder, representing increases of 2,640 VND per 12kg cylinder and 10,560 VND per 48kg cylinder (including VAT) compared to the previous month.

Mr. Nghiêm Xuân Cường, Head of Domestic and Commercial Gas Sales at Petrolimex Gas Corporation, stated that although the average global gas contract price for March is 635 USD/ton, unchanged from the previous month, fluctuations in the exchange rate have led Petrolimex Gas Corporation to adjust the price accordingly.

According to Ban Mai Vietnam LLC, the domestic gas supply currently meets only about 60% of consumption needs, so domestic gas prices are still influenced by the international market. Although the import price of global gas (CP price) for March remains at 635 USD, unchanged from the previous month, the increase in the USD/VND exchange rate has led to domestic gas prices being adjusted up by approximately 1,000 VND per 6kg cylinder, 2,000 VND per 12kg cylinder, and 8,000 VND per 45kg cylinder.

With the slight increase in gas prices for March, the impact on household cooking may not be significant. However, for businesses in the food service industry such as restaurants, catering centers, poultry farms, and hospitals—where gas consumption is high—careful monitoring and taking advantage of bulk purchasing opportunities are very important.

On the global market, in the final trading session of February (February 29), the CP price for April delivery of natural gas decreased by 0.43% to 1.86 USD/mmBTU. European gas prices remain at their lowest in about three years, primarily due to reduced demand and higher-than-expected inventories, along with cold weather and lower renewable energy production.

According to Tom Marzec-Manser, Head of Global Gas Analysis at ICIS, global gas demand may remain higher than supply until new liquefied natural gas (LNG) production projects from Qatar and the US come online in 2026.

In Asia, gas prices have fallen to their lowest in nearly three years due to weak demand in both Asia and Europe putting downward pressure on prices. Asian spot gas prices have dropped nearly 30% since the beginning of the year due to declining demand and abundant inventories in both East Asia and Europe.

According to the Gas Exporting Countries Forum (GECF), an intergovernmental organization consisting of 19 of the world’s leading natural gas producers, global LNG demand is expected to increase by 1.5% in 2024 and may rise up to 22% by 2050.

GECF warns of the potential for record-high spot LNG prices and significant volatility in both European and Asian markets."

Source: Vietstock