Lao petrol prices cut for third time
Lao petrol prices cut for third time
The government has lowered the price of premium and regular petrol in Vientiane and five provinces this week, the third cut they have made since last month.
The Price Planning and Marketing Division of the Ministry of Industry and Commerce announced this week that the price of petrol had dropped by between 220 kip and 240 kip per litre.
The new pricing is effective in Vientiane and the provinces of Khammuan, Savannakhet, Champassak, Bokeo and Xieng Khuang.
In Vientiane, petrol stations are now selling premium petrol for 11,940 kip per litre and regular petrol for 10,560 kip per litre, while diesel has remained steady at 9,410 kip per litre.
In the five provinces, the price of premium petrol is between 11,960 and 12,080 kip per litre with regular petrol between 10,600 and 10,810 kip per litre, and diesel retailing for between 9,450 and 9,620 kip per litre. Fuel prices in the five provinces vary according to transport costs.
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, with diesel retailing for between 9,520 and 9,750 kip per litre.
World fuel prices fluctuate in accordance with shifts in the global market and fuel prices in Laos reflect these movements, the report noted.
There have been eight price adjustments this year, five of which have been upward, while the last two have been reductions. There were 17 fuel price adjustments by the ministry last year. That followed 14 adjustments in 2010 and 15 in 2009.
Singapore Associated Press reported yesterday that oil prices hovered above US$85 a barrel on Thursday in Asia amid speculation that the US may implement stimulus measures to boost their flagging economy.
Benchmark oil price for July delivery was up 7 cents to US$85.09 per barrel in late afternoon (Singapore time) trading on the New York Mercantile Exchange. The contract had already risen 73 cents to settle at US$85.02 in New York on Wednesday.
Fuel consumption in Laos is expected to increase by 7 percent this year to more than 800 million litres, exceeding last year's consumption of around 750 million litres. In 2009, fuel consumption was around 640 million litres and rose to over 700 million litres in 2010, according to the Lao Petroleum and Gas Association
vientiane times
