Fuel Prices Drop For The Second Time This Month
The retail prices of fuel at petrol stations around the country dropped for a second time this month after a Ministry of Industry and Commerce announcement on Thursday.
The petrol prices dropped around 60 kip per litre and the diesel prices went down by about 140 kip per litre, which will be good news for general consumers and farmers now in the rice planting season.
The latest price reduction came into effect yesterday morning in Vientiane and the provinces of Khammuan, Savannakhet, Champassak, Bokeo and Xieng Khuang.
In Vientiane, petrol stations are now selling premium petrol for 9,430 kip a litre, regular grade petrol for 8,240 kip a litre, while diesel is selling for 6,930 kip.
In Khammuan province, premium petrol sells for 9,460 kip and regular 8,270 kip, while diesel sells for 6,950 kip.
In Savannakhet province prices should be 9,470 kip a litre for premium, 8,270 kip for regular and 6,950 kip for diesel, while in Champassak province they should sell premium petrol at 9,490 kip, regular petrol for 8,340 kip, and diesel for 6,980 kip.
In Bokeo province, premium petrol should sell for 9,490 kip a litre, regular petrol sells for 8,340 kip and diesel for 7,030 kip, while in Xieng Khuang province regular petrol is 8,450 kip per litre and diesel is 7,130 kip.
Fuel prices fluctuate depending on shifts in the global market. The lowering of fuel prices in Laos is in line with a reduction of the price of oil in world markets.
According to the ministry this was the second fuel price reduction in July, with prices having changed eight times over the past six months, including two increases.
Laos is a fuel importing country so it needs to fix fuel pricing in accordance with shifts in the global market.
Laos used over 640 million litres of fuel in 2009 which increased to more than 700 million litres in the following years. About 45 to 50 percent of the fuel Laos imports is used in Vientiane and Vientiane province, according to the Lao Petroleum and Gas Association.
Source: Vientiane Times