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Petrol prices up, but diesel unchanged
The Ministry of Industry and Commerce yesterday announced a rise in premium and regular petrol prices, which will come into effect in Vientiane and five provinces from today, however the price of diesel remains unchanged.
The price of petrol in Vientiane has increased by between 70 kip and 210 kip per litre, and in the five provinces of Khammuan, Savannakhet, Champassak, Bokeo and Xieng Khuang by between 70 and 220 kip per litre, according to a report from the ministry's Price Planning and Marketing Division yesterday.
In Vientiane, petrol stations are now selling premium petrol for 11,840 kip per litre and regular petrol for 10,820 kip per litre, while diesel stays at 9,520 kip per litre.
Fuel prices in the five other provinces vary depending on transport costs, with premium petrol ranging between 11,860 and 11,980 kip per litre and regular petrol 10,860 and 11,090 kip per litre, while diesel retails for between 9,560 and 9,820 kip per litre.
Fuel prices fluctuate depending on shifts in the global market. Fuel prices in Laos rise and fall in line with world oil markets in world markets, the report noted.
There have been 12 price adjustments this year, with yesterday's being the ninth upward adjustment. There were 14 fuel price adjustments by the ministry last year, 10 of which were increases. That followed 15 adjustments in 2009, of which 11 were price rises.
Singapore AP reported yesterday that oil prices fell below US$95 a barrel in Asia amid investor concern about slowing global economic growth and crude demand. This comes a day after they reached US$97 a barrel on Monday in Asia after US lawmakers struck a last-minute agreement to raise the government's debt limit, avoiding a default.
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. Consumption has increased by between 7 to 10 percent annually. 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.
In other bad news, suppliers of cooking gas have put up their prices in the last three months due to cost increases in Thailand.
The current price of gas is 182,000 kip per 15kg tank wholesale and 188,000 kip for retail supply, the Lao State Fuel Company's gas service centre reported recently.
Gas previously cost 173,000 kip per tank, a price that was set last November. The price of gas is adjusted only a few times each year, unlike petrol.
vientiane times
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