The government of Laos has held talks on ways to control rising fuel prices faced by the country amid volatile global markets.
According to the Department of Domestic Trade under the Ministry of Industry and Commerce, authorities are urgently attempting to find a solution to control high fuel prices, which affect transportation, inflation, and the cost of living, Lao Phattana News reports.
The government has responded by reducing Value Added Tax (VAT) from 10% to 7% this year, as well as reducing all fuel reserves, resulting in the current oil reserve price being 0 kip/liter.
The government will also consider raising funds for a highway rehabilitation fund, as well as reducing import taxes, excise taxes, and others to maintain low domestic oil prices.
Meanwhile, the government has called on the population to save petrol as much as possible by carpooling or using public transport, and says it will discuss a move toward the use of electric vehicles in the future.
The government of Laos announced its most recent increase in fuel prices on 12 February, bringing the price of premium petrol in Vientiane Capital to LAK 16,190 per liter, while regular petrol rose to LAK 14,280 per liter, with the price of diesel fuel now reaching LAK 12,520 per liter.