The price of liquefied petroleum gas (LPG) was slashed by VND2,900 (14 US cents) per kg on May 1, meaning cooking gas prices would be cut by about VND35,000 ($1.7) per tank weighing 12kg.

For illustration purposes only, Photo: Tuoi Tre

This was the sharpest cut in gas prices since the beginning of the year, helping the retailing price of cooking gas fall to around VND 370,000 ($17.8) per tank.

The key gas dealers said gas prices showing signs of easing on the world market were the main reason for the domestic cut. Many firms have inked LPG import contracts for May with a price of about $850 per ton, a level significantly lower than last month's figure of approximately $1,000.

Cooking gas prices increased strongly earlier this year, soaring up to 90,000 VND ($4.3) per tank within the first two months of the year, according to the Ministry of Finance's price management department.

Retailing prices began to fall from March 3 when the ministry decided to exempt gas dealers from import duty, but they were down insignificantly VND16,000-19,200 VND ($0.77-0.92) per tank in March due to high world prices.

Source: VNA