From June 1, domestic retail gas prices continue to decline in June, marking the third consecutive monthly decrease since the beginning of the year.
Accordingly, gas companies will reduce the price of 12kg gas cylinders by approximately 3,500 VND per cylinder.
Specifically, the retail price of Petrolimex gas cylinders (including VAT) in June in the Hanoi market is 445,400 VND for a 12kg household cylinder and 1,781,500 VND for a 48kg industrial cylinder, decreasing by 3,400 VND for the 12kg cylinder and 13,700 VND for the 48kg cylinder (including VAT).
According to Mr. Nghiem Xuan Cuong, Head of Residential and Commercial Gas Business at Petrolimex Gas Corporation, the reason for this price reduction is due to the average world gas contract price in June being 572.5 USD per ton, down 10 USD per ton compared to May, so Petrolimex Gas Corporation has adjusted the price accordingly.
Thus, since the beginning of the year, domestic gas prices have seen three increases and three decreases.
On the world market, gas prices decreased by 2.56% to 2.59 USD/mmBTU for natural gas contracts delivered in June 2024.
In Asia, the spot price of liquefied natural gas (LNG) has increased for the fourth consecutive week and reached its highest level in five months due to rising demand, following the increase in the European gas market amid concerns about potential disruptions to Russian gas supplies, Reuters reported.
Mr. Alex Froley, Senior LNG Analyst at data intelligence company ICIS, said: “Spot LNG prices remain high, supported by rising demand, unexpected outages, and ongoing geopolitical risks.”
“Asian buyers are increasing their demand to take advantage of lower prices this year compared to last year, with countries including China and Thailand seeing record imports,” Mr. Froley informed.
Hot weather in some Asian markets has boosted electricity demand, supporting purchasing activity. Additionally, temperatures in Eastern China are forecasted to stay above seasonal norms, supporting gas consumption.
In Europe, the gas market has significantly tightened, reducing the price differential with the Asian market amid maintenance shutdowns in Norway and concerns about Russian pipeline supply after Austria indicated that gas supplies from Russia’s Gazprom could be suspended following a foreign court ruling.
In the US, LNG production at Freeport has surged in recent days, with all three trains operating near full capacity. Production at other US terminals has also remained largely stable.
