Fuel price drops by up to 170 kip a litre
Fuel price drops by up to 170 kip a litre
The price of petrol has dropped by up to 170 kip a litre, while the diesel price has gone down by 110 kip a litre following an announcement from the Ministry of Industry and Commerce on Monday.
Fuel prices have fallen continuously over the past seven months of this year and this was the first fuel price reduction this month, meaning consumers throughout the country will now pay less to drive their cars.
The ministry cited plunging global oil prices as the reason for the petrol price decrease.
At the close of trade on August 24, the WTI Crude Oil price was at US$38.24 per barrel while the price of Brent Crude was sitting at US$42.69 per barrel.
The generally downward trend reflects a rise in supply, the ongoing economic crisis in Greece and its consequences for Europe as well as the rapid stock market decline i n China, which is expected to have ramifications globally.
The new price is effective yesterday morning in Vientiane and the provinces of Khammuan, Savannakhet, Champassak, Bokeo and Xieng Khuang.
Currently, petrol stations in Vientiane should sell regular grade petrol for 7,970 kip a litre, down from the previous 8,140 kip a litre, while diesel is now 6,600 kip and premium petrol 9,110 kip a litre.
In Khammuan province, premium petrol sells at 9,140 kip and regular at 7,990 kip, while diesel sells for 6,630 kip.
In Savannakhet province prices should be 9,150 kip a litre for premium, 7,990 kip for regular and 6,630 kip for diesel, while in Champassak province they should sell premium petrol at 9,170 kip, regular petrol for 8,010 kip, and diesel for 6,650 kip.
In Bokeo province, premium petrol sells for 9,220 kip and regular petrol sells at 8,070 kip, while diesel is at 6,700 kip.
In Xieng Khuang province regular petrol should be 8,170 kip per litre and diesel 6,800 kip.
Fuel prices may continue falling for the next few months. From January to July the price of fuel has already changed about ten times in accordance with shifts in the global market, an official from the Lao Petroleum and Gas Association said.
