The Lao Ministry of Industry and Commerce and the Ministry of Finance held a meeting yesterday with members of the private sector to discuss ways to stabilize fuel prices.
The meeting was co-chaired by Minister of Industry and Commerce, Mr. Khampheng Saysompheng, and Minister of Finance, Mr. Bounchom Ubonpaseuth, at the Ministry of Industry and Commerce (MoIC) yesterday.
Minister Khampheng said that the consultation meeting sought to explore solutions for fairly adjusting fuel prices in Laos.
Meanwhile, Minister Bounchom said that the government’s stance on the issue had been clarified for the benefit of private sector stakeholders, while fuel importers and retailers also had a chance to make their opinions known.
He said that the government hoped to support both fuel importers and consumers by ensuring prices do not increase beyond rates announced on 10 March this year.
The government will support fuel retailers by calculating fuel pricing using technical expertise rather than relying on market rates.
Another proposal made by the government has been to reduce excise tax by 50% if necessary, pending market fluctuation.
Minister Bounchom remarked that if global oil prices continue to climb, the government may even scrap excise duty on fuel altogether.
The results of the consultation meeting will be submitted to the Prime Minister for review and solutions may be implemented under a three-month trial.
The latest fuel price increase saw premium petrol increase by LAK 850 per liter, regular petrol by LAK 720 per liter, and diesel fuel up by LAK 1,490 per liter.