Fuel prices lower today
Fuel prices lower today
Petrol stations around the country will be selling cheaper fuel today after the Ministry of Industry and Commerce adjusted the price of the imported commodity downwards in line with world price changes.
The ministry issued a notice yesterday, ordering all petrol stations in Vientiane to sell fuel in line with the suggested prices otherwise they will face legal action. Fuel is one of the three commodities whose price the government regulates to ensure macro-economic stability.
According to the notice, petrol stations in Vientiane must lower their prices from 6am, and should now be selling premium petrol at 11,630 kip a litre, down from 11,940 kip. The price of regular petrol has been set at 10,260 kip per litre, down from 10,560 kip, and diesel at 9,090 kip per litre, dropping from 9,410 kip.
The suggested fuel prices in Khammuan province are 11,640 kip per litre for premium petrol, 10,290 kip per litre for regular petrol, and 9,130 kip per litre for diesel. In Savannakhet, petrol stations are allowed to sell premium petrol at 11,750 kip per litre, regular petrol at 10,300 kip per litre, and diesel at 9,130 kip per litre.
Petrol stations in Champassak are allowed to sell premium petrol for 11,750 kip per litre, regular petrol for 10,290 kip per litre, and diesel for 9,150 kip.
In Bokeo, petrol stations are allowed to sell regular petrol at 10,370 kip per litre and diesel at 9,210 kip, while in Xieng Khuang the price of regular petrol must be 10,500 kip per litre and 9,300 kip for diesel.
The Ministry of Industry and Commerce's Domestic Trade Department, which regulates fuel prices in Laos, said yesterday that its decision to revise the fuel price was in accordance with oil prices on world markets, which have fallen over the past few months. This is the fourth time the ministry has lowered fuel prices this year.
The price of fuel on the world market has fallen in recent months due to the European debt crisis, which is believed to result in lower fuel consumption.
According to AP, oil rose to nearly US$85 a barrel yesterday in Asia after Greek election results suggested the country will stay in the euro common currency, reducing the risk of a major upheaval in financial markets and the world economy.
Benchmark oil for July delivery was up 80 cents to US$84.83 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 12 cents to settle at US$84.03 in New York on Friday.
The Greek election result also boosted the euro, which underpinned crude prices. A weaker US dollar makes commodities traded in dollars such as oil cheaper for investors with other currencies. The euro rose to US$1.2679 on Monday from US$1.2637 late Friday in New York.
vientiane times
