Petrol prices remain unchanged despite rising world prices
Petrol prices remain unchanged despite rising world prices
The government has decided not to adjust the fuel price in Laos at the present time, even though oil prices have risen on the global market.
An official from the Price Planning and Marketing Division of the Ministry of Industry and Commerce said yesterday that prices have not been adjusted as yet because there has not been any proposal to do so by the association of petrol station owners .
Singapore Associated Press reported yesterday that oil prices rose to nearly US$89 a barrel in Asia, amidst hopes China and the US will take new steps to bolster their economies.
The price of oil slipped below US$87 a barrel on Monday this week. However it was sitting at around US$85 a barrel on Monday last week, up from about US$84 a barrel on July 2, the Singapore Associated Press reported.
Despite the recent rise, petrol prices have remained unchanged in Laos since the government lowered the price of premium and regular petrol in Vientiane and five provinces on July 3, the fifth cut they have made since May.
In Vientiane, petrol stations are now selling premium petrol for 11,360 kip per litre and regular petrol for 10,000 kip per litre, while diesel has remained steady at 8,830 kip per litre.
In the five provinces of Khammuan, Savannakhet, Champassak, Bokeo and Xieng Khuang, the price of premium petrol is between 11,370 and 11,480 kip per litre. Regular petrol is priced between 10,030 and 10,230 kip per litre, while diesel is retailing for between 8,870 and 9,030 kip per litre. Fuel prices in the five provinces vary according to transport costs.
There have been ten price adjustments this year, the first five of which were upward, while the last five have been reductions. There were 17 fuel price adjustments made by the ministry last year. That followed 14 adjustments in 2010 and 15 in 2009.
World fuel prices fluctuate in accordance with shifts in the global market. Fuel prices in Laos generally reflect movements on world markets, the report noted.
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
