The government of Laos may begin making fuel price adjustments every five to seven days, rather than every two weeks.
KPL reports that Minister of Industry and Commerce, Dr. Khampheng Saysompheng, said on Sunday that the rise in global oil prices has a direct impact on domestic retail fuel pricing in Laos.
He said that as a majority fuel importer, much of the country’s fuel is sourced from abroad, with domestic oil prices affected by global price volatility.
According to Minister Khampheng, if international oil prices continue to rise, authorities will need to begin adjusting oil prices weekly instead of every two weeks.
“Authorities are attempting to find solutions to address the rising fuel crisis, including cutting the highway reconstruction fund or other road funds, as well as managing the government’s income collection through taxes and duties, in order to try to reign in domestic fuel prices,” Dr. Khampheng Saysompheng added.
Last week, authorities increased fuel prices for the fifth time this year, resulting in the premium petrol increasing by LAK 1,710 per liter, with regular petrol up by LAK 1,430 per liter, and diesel fuel up by LAK 1,570 per liter.