Domestic retail gas prices in June decreased for the third consecutive month.

Gas filling.

With the price reduction since June 1, domestic retail gas prices have decreased for the third consecutive month since the beginning of the year.

Gas companies will reduce prices for 12kg gas cylinders by about 3,500 VND/cylinder.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in June in the Hanoi market is 445,400 VND/12kg household cylinder; 1,781,500 VND/48kg industrial cylinder, respectively decreasing 3,400 VND/12kg cylinder and 13,700 VND/48kg cylinder (including VAT).

According to Mr. Nghiem Xuan Cuong, Head of the Department of Civil and Commercial Gas Business - Petrolimex Gas Corporation, the reason for this price reduction is that the average world gas price contract in June was at 572.5 USD/ton, down 10 USD/ton compared to May, so Petrolimex Gas Corporation made adjustments according to the corresponding reduction.

Thus, since the beginning of the year, domestic gas prices have increased 3 times and decreased 3 times.

On the world market, on the morning of May 31, gas prices returned to a downward trend with an adjustment of less than 1%.

European gas markets also fell as maintenance work in Norway eased and warmer weather curbed demand.

Specifically, gas prices at 8:00 a.m. on May 31 (Vietnam time) decreased by 0.7% to 2.55 USD/mmBTU for natural gas contracts for delivery in July 2024.

Dutch and British gas prices fell yesterday, May 30, as a reduction in maintenance work allowed flows from Norway to increase, Reuters reported.

At the same time, weather factors due to warmer temperatures have limited demand for gas, contributing to the price drop.

Demand in the local distribution area in Northwestern Europe, which is mainly used for home heating, will drop from 980 GWh/day on May 31 to 807 GWh/day by the end of the week, according to forecasts from financial and infrastructure data provider LSEG.

Weaker demand also coincided with increased supply from Norway as maintenance at the Kollsness gas processing plant eased.

Consulting firm Auxilione said process issues at Kollsness continued, although the impact was minimal, and it was expected to return to full capacity soon.

Currently, gas supply from Russia to Europe via Ukraine is also stable.

According to vietnamplus.vn

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