Consumers and traders are worried when rice prices have just stabilized and then gas prices are jumping.

Prices increase, revenue decreases

After many consecutive days of increase, the retail price of rice at Mr. Pham Van Tan’s store (rice store owner in O Mon district, Can Tho city) has stabilized again. Consumers have begun to accept the current price.

“Compared to early August, the prices of rice have now stabilized, no longer increasing continuously, some types of rice have even decreased slightly by 200-500 VND/kg due to the decrease in paddy prices. Purchasing power has returned to normal when rice prices have not increased,” said Mr. Tan.

Retail rice prices at some stores in Can Tho have stabilized. Photo: My Ly

While rice prices have stabilized, for the past three months, gas prices have been constantly fluctuating, causing consumer purchasing power to decline.

Mr. Nguyen Thanh Vinh (owner of a gas store in Co Do district, Can Tho city) said that the retail gas price at the store is being adjusted to increase according to the market. Specifically, from October 1, the gas price at the store increased by VND20,000/cylinder (12kg) and VND75,000/cylinder (45kg) compared to September. This has significantly affected the purchasing power of consumers.

“In the last three adjustments, gas prices have increased, causing many customers to reduce their purchases. The amount of gas sold each day has decreased by 30-50 cylinders. Therefore, every month, when gas prices increase, revenue decreases by 10-15%,” said Mr. Vinh.

In recent months, rising gas prices have affected purchasing power at Mr. Phong's store. Photo: My Ly

Similarly, Mr. Nguyen Thanh Phong (owner of a gas store in O Mon district, Can Tho city) also faces decreasing purchasing power due to the continuous increase in gas prices.

“At the store, the best-selling 12kg gas cylinder currently costs between VND300,000 and VND400,000 per cylinder. The increase in gas prices not only causes difficulties for consumers but also affects small businesses like us. Due to economic difficulties, consumers tend to use less, while shop owners who are doing poorly also import less gas,” Mr. Phong shared.

Difficult is still difficult

Rice and gasoline prices have both decreased, making traders and consumers excited that essential goods will soon follow suit.

Consumers and retailers hope that commodity prices will soon decrease along with gasoline and rice. Photo: My Ly

Running a restaurant in O Mon district (Can Tho city), Ms. Nguyen Hong Khanh hopes that food prices can decrease along with gasoline and rice prices to make business less unstable.

“Since the prices of rice and gasoline have increased, the ingredients I import for cooking have also increased. Now that gasoline and rice prices are decreasing, I hope that other items will also decrease quickly. Because if they keep increasing, I won’t be able to support myself. Not to mention, business is also unstable now, people are spending frugally, and the flood season has arrived,” said Ms. Khanh.

Ms. Pham Thuy Kieu (Binh Thuy District, Can Tho City) is also happy when the price of rice and gasoline decreases: “If the price of rice and gasoline decreases, sooner or later other goods will also decrease. That way, my family will be able to ease some of the economic burden. Since the price of rice and gasoline increased, the price of vegetables, meat, fish, etc. in the market has also increased, causing the family's living expenses to increase significantly.”

Rising gas prices have worried both consumers and small businesses. Photo: My Ly

However, while traders and consumers have not yet waited for the prices of essential goods to decrease along with rice and gasoline, gas prices have jumped.

According to Ms. Khanh, because she sells rice, she has to cook a lot. If the price of raw materials decreases and gas increases, it will be difficult. If she continues to carry the burden, sooner or later it will exceed her tolerance.

Also "hurting my wallet" because of the gas price increase, Ms. Kieu said that in recent months, her family has tried to use it sparingly. "Before, to save money, I only dared to buy a 6kg gas tank and switched to using a wood stove. But that was only temporary, because the rice season was coming, I had to help my husband with the new crop, and my children were going to school, so I didn't have much time, so I would prioritize using a gas stove because it was convenient. Thus, the family's expenses increased while there were still many things to worry about," Ms. Kieu shared.

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