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Government raises petrol prices again
The Ministry of Industry and Commerce has announced an increase to fuel prices for the third time this year, with prices rising in Vientiane and five provinces from yesterday.
The price of petrol rose by 60 to 130 kip per litre in Vientiane, and by 70 to 130 kip per litre in the five provinces, according to a report from the ministry's Price Planning and Marketing Division.
In Vientiane, petrol stations are now selling premium petrol for 10,970 kip per litre, regular petrol for 9,870 kip per litre and diesel for 8,550 kip per litre.
The report from the ministry pointed out that fuel prices vary between the provinces of Khammuan, Savannakhet, Champassak, Bokeo and Xieng Khuang, depending on transport costs.
In those provinces, premium petrol now costs between 11,000 and 11,100 kip per litre, regular petrol 9,920 to 10,190 kip per litre and diesel 8,590 to 8,880 kip per litre.
There were 14 fuel price adjustments by the ministry last year, 10 of them increases. That followed 15 adjustments in 2009, of which 11 were price rises.
Fuel prices fluctuate in Laos depending on shifts in the global market.
Singapore AP reported yesterday that oil prices rose to near US$87 a barrel in Asia after a report showed OPEC boosted crude output last month to a two-year high amid signs of growing global demand.
Benchmark crude for March delivery was up 22 cents at US$86.93 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 23 cents to settle at US$86.71 on Wednesday.
In London, Brent crude gained 23 cents to US$102.55 a barrel on the ICE Futures exchange.
According to the Brunei Times recently the price of crude oil will hit US$120 this year.
According to the Lao Petroleum and Gas Association, oil was about US$78 per barrel in January last year and fell to about US$75 by the middle of the year. But it rose to US$89 per barrel by the end of last year.
The fuel consumption in Laos is expected to rise to more than 750 million litres this year, amid spiralling global oil prices.
Consumption increases about 7 to 10 percent each year.
The consumption was over 640 million litres in 2009 and increased to more than 700 million litres last year.
About 45 to 50 percent of the fuel Laos imports is used in Vientiane and Vientiane province.
vientiane times
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