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Fuel prices increased
The Ministry of Industry and Commerce has announced an increase to fuel prices for the seventh time this year, with prices rising in Vientiane and five provinces from Thursday, 7 April.
The price of petrol rose by 150 to 300 kip per litre in Vientiane, and by 140 to 310 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 11,810 kip per litre, regular petrol for 10,640 kip per litre and diesel for 9,670 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 11,830 and 11,950 kip per litre, regular petrol 10, 690 to 10,990 kip per litre and diesel 9,720 to 9,980 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.
However there has not been any downward adjustment to prices this year.
Fuel prices fluctuate in Laos depending on shifts in the global market.
Singapore AP reported yesterday that oil prices fell to near US$108 a barrel Thursday in Asia on concern rising fuel costs could undermine US economic growth and demand for crude.
Benchmark crude for May delivery was down 51 cents at US$108.32 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained 49 cents to settle at US$108.83 on Wednesday.
In London, Brent crude for May delivery was down 54 cents to US$121.39 a barrel on the ICE Futures exchange.
According to the Brunei Times recently, the price of crude oil will hit US$120 a barrel this year.
According to the Lao Petroleum and Gas Association, oil was at 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.
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. Laos used over 640 million litres in 2009 and more than 700 million litres last year.
About 45 to 50 percent of the fuel Laos imports is used in Vientiane and Vientiane province.
kpl Lao News Agency
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