Gas prices in Vietnam have hit the highest level over the past 11 years, after those in the world market have stood at a 10-year peak.

Prices of a 12-kilogram gas cylinder increased by 8,000-11,000 Vietnamese dong (VND) (0.5-0.7 U.S. dollars) to 176,000-178,000 VND (11.1-11.2 dollars) early this week, according to local newspaper Vietnam News on Wednesday.

Meanwhile, gas prices in the world market reached 580 dollars per ton, up 46 dollars from last December, partly due to unusual cold weather and greater consumption in some countries.

Vietnam still heavily depends on gas imports, which account for 55-60 percent of its total demand. To ease the pressure, local gas enterprises have urged the government to remove import tariffs on liquefied petroleum gas.

Vietnam imported over 11.3 million tons of petroleum products worth nearly 5 billion dollars in 2005, year-on-year increase of 2. 6 percent and 39 percent, respectively.

Source: Xinhua