VIENTIANE: Laos' Ministry of Industry and Commerce has announced an adjustment to the country's fuel pricing mechanism, shifting from weekly price reviews to more frequent updates in response to volatility in the global oil market linked to ongoing tensions in the Middle East.
In an official statement issued on Thursday (March 12), the ministry announced that fuel prices will now be reviewed and may be adjusted every two to three days, instead of the previous seven-day schedule.
According to the ministry, the change is intended to keep pace with the rapid daily fluctuations in refined fuel prices on the global market.
Authorities also emphasised that fuel import-export companies, distributors and service stations must strictly comply with the government-set prices during each adjustment period.
The new measure aims to maintain stability in the domestic fuel supply and ensure effective market management amid ongoing uncertainties in the global market.
The Lao government has assured the public that the country's fuel supply remains stable despite disruptions in the global oil market.
The government has been closely monitoring the situation and coordinating with agencies at all levels to ensure sufficient fuel supply for public use and national development projects.
Officials are also working with neighboring countries through existing cooperation mechanisms to prepare for possible changes in the global fuel market. - Xinhua
