Ministry lowers petrol prices
Ministry lowers petrol prices
The Ministry of Industry and Commerce lowered the price of premium and regular petrol in Vientiane and five provinces yesterday, which is the second cut they have made this month.
The price of petrol has dropped by between 210 kip and 230 kip per litre in Vientiane and the provinces of Khammuan, Savannakhet, Champassak, Bokeo and Xieng Khuang, according to a report from the ministry's Price Planning and Marketing Division yesterday.
In Vientiane, petrol stations are now selling premium petrol for 12,170 kip per litre and regular petrol for 10,790 kip per litre, while diesel has remained steady at 9,630 kip per litre.
Fuel prices in the five provinces vary depending on transport costs, with premium petrol ranging from between 12,190 and 12,320 kip per litre and regular petrol from between 10,820 and 11,040 kip per litre, while diesel retails for between 9,680 and 9,860 kip per litre.
Fuel prices fluctuate depending on shifts in the global market and fuel prices in Laos rise and fall in line with world oil markets, the report noted.
In January, petrol stations in Vientiane and the five provinces were selling premium petrol for between 11,520 and 11,660 kip per litre and regular petrol for between 10,600 and 10,860 kip per litre. Meanwhile diesel retailed for between 9,520 and 9,750 kip per litre.
There have been seven price adjustments this year, five of which have been upward, while the last two have reduced the price. There were 17 fuel price adjustments by the ministry last year. That followed 14 adjustments in 2010 and 15 adjustments in 2009.
AP reported yesterday that oil prices fell to a seven-month low of around US$91 a barrel on Wednesday in Asia after Iran agreed to allow the UN nuclear agency to restart an investigation into the country's nuclear programme.
Benchmark oil for July delivery was down 57 cents to US$91.28 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.
Fuel consumption in Laos is expected to increase by 7 percent this year, exceeding the previous year's consumption rate of around 750 million litres. It is expected to increase to more than 800 million litres this year.
In 2009, fossil fuel consumption was around 640 million litres and increased to over 700 million litres in 2010, according to the Lao Petroleum and Gas Association.
Laos expects renewable energy to generate around 30 percent of total energy used nationwide by 2025. This figure will include a bio-fuel component of around 10 percent, which will replace imported fossil fuels, the Ministry of Energy and Mines reported recently.
vientiane times
