Lao government is taking steps to rein in the rising price of fuel, easing the impact on the economy and the lives of residents, amid a volatile global market.
Vientiane (VNA) - Laogovernment is taking steps to rein in the rising price of fuel, easing theimpact on the economy and the lives of residents, amid a volatile globalmarket.
According to the Domestic TradeDepartment under Lao Ministry of Industry and Commerce, the government hasdecided to cut value-added tax from 10 to 7 percent this year and the currentoil reserve price to zero kip per litre.
Contributions to the RoadMaintenance Fund, collection of import tax, excise tax, value-added tax andincome tax, as well as cut costs for oil importers, will be reviewed as part of the efforts toprevent the price of fuel from rising to an unacceptable level.
Authorities warn that businesses that stockpile fuel or raise the price ofpetrol without government approval will be penalised.
Lao government encouragespeople to use as little fuel as possible and instead to use public transport orelectric vehicles, in order to reduce the amount of petrol imported.
Since the start of this year,fuel prices have risen four times, causing increasing concern about thespiraling cost of consumer goods.
The rising cost of fuel is one of the main drivers of inflation in Laos. The country imported almost 2 billion litres of fuel, worth more than 1 billion USD in 2016./.
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A petrol station in Vientiane, Laos. (Photo: VNA)
