Fuel Fund Decree
燃油基金法令
ດຳລັດວ່າດ້ວຍ ກອງທຶນນ້ຳມັນເຊື້ອໄຟ
Summary
This regulation governs fuel price adjustment activities in Laos, focusing on establishing a fuel fund, specifying its funding sources, management principles, and use for price regulation and operational expenditures.
Articles
Article ມາດຕາ 1
Article 2 Fuel Fund
Fuel Fund, abbreviated in Lao as “ກທນ”, in English as “Fuel Fund”.
It is a state fund established to accumulate funds from various sources, used for adjusting domestic fuel prices, under the management and supervision of the Ministry of Industry and Commerce.
Article ມາດຕາ 2
Article 2 Interpretation of Terms
The terms used in this Decree have the following meanings:
1. Fuel oil means petroleum products, including premium gasoline, regular gasoline, diesel, aviation kerosene, lamp kerosene, furnace oil, bio-oil and other fuel oils;
2. Retail price means the current retail price of fuel oil, calculated according to the fuel oil price structure, as a basis for calculating the adjustment of fuel oil prices;
3. Fuel oil price structure means the determination of various factors and components of the price of goods and services, as a reference for pricing, including production costs or purchase costs, service costs, circulation costs, profits and state obligations;
4. Compensation means the amount of money that the fund will compensate to importers and processors of fuel oil within the country, for which the collection and compensation are determined on a case-by-case basis.
Article ມາດຕາ 3
Article 4 Principles of Management and Use of Fuel Fund
The management and use of the fuel fund shall comply with the following principles:
1. Centralized and unified according to the state accounting system;
2. Ensure correct use according to objectives, economical, efficient and effective;
3. Ensure flexibility, fairness, accuracy, transparency, disclosure, promptness, timeliness and verifiability;
4. All revenues and expenditures must go through the accounting system, along with regular monitoring, inspection and auditing in accordance with the law.
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