Domestic gas prices increase; Rice prices turn to decrease

Domestic gas prices increase

In the domestic market, according to information from a number of gas businesses, from October 1, 2023, retail gas prices will increase by VND 1,667/kg (including VAT), equivalent to an increase of VND 20,000/12kg cylinder.

Vietnam LPG Trading Joint Stock Company - PV GAS LPG Southern (PetroVietNam Gas) announced an increase in retail price by 1,667 VND/kg, equivalent to 20,000 VND/12 kg cylinder and 75,000 VND/45 kg cylinder compared to September.

Since the beginning of the year, domestic gas prices have increased five times.

A representative of the City Petro brand said that since the beginning of October, the company’s retail gas products have increased by VND75,000 for 45kg gas cylinders and VND83,000 for 50kg gas cylinders. The retail price to consumers for the company’s 12kg gas cylinders is VND464,000 after the price increase.

The reason for this gas price increase is that the average world gas price in October 2023 was 607.5 USD/ton, an increase of 52.5 USD/ton compared to September 2023.

In addition, the high gas price was also due to the explosion at the Bandar Abbas oil refinery in southern Iran after a gas leak affected the world fuel supply, so the world oil price increased to nearly 94 USD/barrel.

This is the third consecutive month that gas prices have increased. Thus, since the beginning of the year, domestic gas prices have decreased 5 times (January, March, April, June and July) and increased 5 times (February, May, August, September and October).

Japanese Yen exchange rate continues to fall rapidly

Japanese Yen exchange rates surveyed on the morning of October 3, 2023 at specific banks are as follows:

At Vietcombank, the Japanese Yen exchange rate is 157.80 VND/JPY for buying and 167.04 VND/JPY for selling, down 0.84 VND and 0.89 VND respectively.

At Vietinbank, the Yen exchange rate decreased by 0.06 VND in both buying and selling prices, equivalent to 158.4 VND/JPY and 168.1 VND/JPY. At BIDV, the buying rate decreased by 0.51 VND and the selling rate was 159.35 VND/JPY and 167.63 VND/JPY. At Agribank, the buying and selling rates were 160.10 VND/JPY and 164.06 VND/JPY, respectively - down 0.51 VND in both buying and selling prices.

At Eximbank, the buying and selling rates decreased by 0.22 VND and 0.17 VND, respectively, to 161.64 VND/JPY and 166.20 VND/JPY. At Techcombank, the Japanese Yen exchange rate decreased by 0.15 VND and 0.16 VND, respectively, to 157.4 VND/JPY and 169.7 VND/JPY. At Sacombank, the Japanese Yen exchange rate decreased by 0.31 VND, respectively, to 160.13 VND/JPY, and by 0.34 VND, respectively, to 166.7 VND/JPY.

According to the survey, Eximbank is the bank with the highest buying rate of Japanese Yen and Agribank is also the bank with the lowest selling rate among the surveyed banks.

Rice prices turn down, market transactions slow

Today's domestic rice prices have been adjusted down with rice. The market is trading slowly, many factories do not have new products to offer.

Accordingly, in An Giang area, according to the update of the Department of Agriculture and Rural Development of An Giang province, the prices of many rice products have been adjusted down. OM 18 rice is at 8,000 - 8,100 VND/kg, down 100 VND/kg; Fresh Dai Thom 8 is 7,800 - 8,100 VND/kg, down 100 VND/kg. For the remaining products, prices remain stable.

gạo.jpeg — Rice prices are currently stable, market transactions are slow.

Regarding rice, the price of raw rice and finished rice products today remained unchanged. Accordingly, the price of raw rice IR 504 fluctuated around 12,000 - 12,100 VND/kg; meanwhile, the price of finished rice IR 504 fluctuated around 13,900 - 14,000 VND/kg.

Recorded in the Mekong Delta region today, Autumn-Winter rice transactions are slow, Autumn-Winter rice prices of all types remain stable compared to last weekend.

In the export market, rice export prices remained stable today. According to the Vietnam Food Association (VFA), the export price of 5% broken rice was at 613 USD/ton; the price of 25% broken rice fluctuated around 598 USD/ton.

Many rice exporters said that the opportunity to export rice from now until the end of the year is still very large as countries are still increasing rice imports for reserves. In particular, currently, rice production in Malaysia still needs to import up to 30% to ensure domestic consumption and reserve requirements. This is an opportunity for Vietnamese rice to boost exports.

Domestic coffee prices remain high

Updated at 4:18 a.m. on October 3, 2023, coffee prices continue to be stable and at a fairly high level; the Central Highlands provinces average 66,400 VND/kg, the highest price is 66,700 VND/kg.

Specifically, the purchase price of coffee in Gia Lai and Kon Tum provinces on October 3, 2023 was VND 66,300/kg. In Dak Nong province, coffee was purchased at the highest price of VND 66,700/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha is purchased at 65,900 VND/kg.

In Cu M'gar district, Dak Lak province, coffee price is currently at 66,400 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 66,500 VND/kg.

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