Vientiane: The Lao government has approved a reduction in gasoline tax and allocated funds to stabilize prices. This decision aims to mitigate consumer financial burdens and protect against sudden price hikes due to global market fluctuations.

According to Thai News Agency, the government has decided to lower gasoline taxes and utilize a subsidy program to stabilize fuel prices. This move is intended to prevent unexpected increases in fuel costs and ease the economic impact on consumers.

The decision emerged from a meeting held on Monday (March 16), which focused on addressing fuel-related challenges. During the meeting, importers and distributors committed to maintaining a stable fuel supply and preventing public anxiety. Authorities also outlined plans to evaluate fuel storage facilities and extend distribution, especially to remote regions, to prevent fuel shortages.

A significant resolution from the meeting was to reduce the tax rate on 95 octane gasoline to align with the rate for 91 octane gasoline. This measure aims to decrease import costs and ease the impact on retail prices. The government also discussed allocating a budget to manage pricing during periods of significant global market volatility.