November brings petrol prices up

November is expected to see a price rise in petroleum that is the highest in 2010.

Gas price has increased four consecutive times since mid-August.

Vietnamese petrol traders said that retail gas price will be raised by VND25,000 (USD1.28) per 12-kg canister beginning November 1.

Do Trung Thanh, deputy head of Saigon Petrol’s Marketing Department, said gas price of his firm will increase by VND2.083 (USD0.11)/kg against the current level. Accordingly, price of each 12-kg cylinder will be increased by VND25,000, including value added tax, to between VND272,000 (USD19.94) and VND297,000 (USD15.23).

The domestic price hike is attributed to gas prices in the world market for November delivery which has increased by USD92.5/tonne to USD785/tonne. In July, gas prices at Saigon Petrol were just VND240,000 (USD12.3)/12kg cylinder.

Many other petrol suppliers such as Gia Dinh, Vinagas and Hong Ha also said that they will increase gas prices in line with world trends.

In early October, gas prices in Vietnam were raised by VND14,000 (USD0.71) per 12-kg canister.

Since mid-August, customers have witnessed four consecutive gas price increases with a total raised value of VND60,000 (USD3.07)/12-kg cylinder.