Authorities in Laos will meet to discuss ways to deal with the country's high fuel prices.

Laos' authorities have begun to address the country's high gasoline costs, which are a result of the global market's volatility.

According to Lao Young Radio, the Ministry of Industry and Commerce convened a meeting with key industries yesterday to consider gasoline price adjustments in order to stay up with the volatile global oil market.

Dr. Khampheng Xaysompheng, Minister of Industry and Commerce, said gasoline prices have been raised many times this year, hurting people's livelihoods as well as freight, inflation, and the cost of living.

Importers have reduced the volume of petroleum imported due to rising import costs, resulting in shortages.

This has resulted in gas stations running out of fuel on occasion, since trucks hauling imported petroleum only make the trip from Thailand twice a month, leaving vehicles waiting at the pumps.

"Because of the rising cost of gasoline, some industries have had to dramatically cut their imports, resulting in a domestic fuel scarcity," Dr. Khampheng Xaysompheng explained.

Minister Khampheng stated that global oil prices are continuing to rise, making it more difficult for small countries to compete and hurting retail fuel costs in Laos.

Dr. Khampheng continued, "The government will make every effort to find a solution to deal with the volatility of gasoline prices in order to decrease the economic and social damage."

On November 19, the government of Laos announced its most recent hike in fuel prices, raising the price of premium gasoline in Vientiane Capital to LAK 15,010 per liter, normal gasoline to LAK 13,030 per liter, and diesel fuel to LAK 10,800 per liter.

The subject was discussed at the Ninth Legislature's Second Ordinary Session in November, with members of the National Assembly arguing that the government should act quickly to reduce the high cost of petrol by altering the fuel price structure.

Meanwhile, Minister of Finance Bounchom Ubonpaseuth informed the National Assembly that misrecorded transactions and corruption had cost the government up to LAK 2 trillion in income from gasoline imports.

Credit Source: The Laotian Times

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