Vientiane: 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 Lao News Agency, the Department of Domestic Trade issued a clarification on March 12 indicating that fuel prices will now be reviewed and may be adjusted every two to three days instead of the previous seven-day schedule. This change is designed 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 have emphasized that fuel import-export companies, distributors, and service stations must strictly adhere to 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.