The government says the fuel crisis will be resolved in the near future as it will provide Thai baht and US dollars to fuel importers by authorising additional foreign currency payments to oil companies so they can import more fuel.
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A plummeting currency, dwindling foreign reserves, and a spike in global oil prices have led to shortages across the country.
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Fuel shortages forced petrol stations in Vientiane and some provinces to close on Monday, with many of desperate motorists going from one station to another in the hope of filling up their tanks.
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The year-on-year inflation rate in Laos surged to 9.9 percent in April, the highest figure recorded since January 2016
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The government will consider cutting or even waiving excise tax on the price of imported oil, to reduce skyrocketing prices at petrol stations.
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To reduce the pressure of rising food prices, the government will cut the cost of fuel by 650 kip per litre for premium fuel, 540 kip per litre for regular fuel and 610 kip per litre for diesel
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Inflation in Laos has surged higher than the projected rate for the Gross Domestic Product (GDP), sparking fears among many people regarding the impact on their living standards.
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The year-on-year inflation rate jumped to 7.3 percent in February, the highest figure recorded in Laos since January 2016.
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Lao Airlines – the national flag carrier – has decreased domestic flights to balance its revenues and expenditure.
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Fuel prices have increased six times in a period of just two months and 10 days, sparking greater concerns about the rising cost of living in Laos.
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Source: Vientiane Times Motorists in Vientiane and provinces across Laos are in the hot seat again as the retail prices
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The cost of all types of fuel in Laos, especially in Vientiane, is likely to hit a record high this year
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Motorists in Vientiane are struggling to find premium grade and regular fuel for their vehicles after some petrol stations ran out of supplies
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Source: Vientiane Times Motorists across the country are rushing to petrol stations to fill up their tanks after the government
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Fuel prices fell on Monday morning in line with the trends in the world market even though people are worried about a shortage of supplies
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The average fuel price in Laos is more than double than the global price
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The rising price of fuel has become the new driving force behind inflation, sending a signal that the government must address this economic risk.
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