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The Ministry of Industry and Commerce of the Lao PDR 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.
According to a clarification issued on March 12 by the Department of Domestic Trade, fuel prices will now be reviewed and may be adjusted every two to three days instead of the previous seven-day schedule.
The ministry said the adjustment is intended to keep pace with the high daily fluctuations of refined fuel prices in the Singapore market, which serves as a key regional benchmark for fuel pricing.
Authorities also stressed that fuel import-export companies, distributors and service stations must strictly comply with the government-set prices during each adjustment period.
Businesses that fail to follow the regulations will face penalties in accordance with the Fuel Business Decree No. 559/PM.
The new measure aims to maintain stability in the domestic fuel supply and ensure effective market management amid the uncertain global situation.
KPL
