Fuel Crisis Creates Horrible Inflation

The government of Laos discusses purchase of oil from sanctions-hit Russia as the country faces oil shortages and nears a debt default.

Laos officially the Lao People’s Democratic Republic, is a socialist state and the only landlocked country in Southeast Asia.
It’s the latest Asian country after bankrupt Sri Lanka to face very serious economic challenges from a huge debt pile, an acute fuel shortage, and rising inflation. To manage the fuel shortage in this situation, Laos is discussing oil purchases with sanctions-hit Russia.

Civilians are forming long queues at gas stations in the Laotian capital city of Vientiane as motorists scramble for fuel. Gas stations in the city typically shut around 9 p.m. but are now closing up around 4 p.m. as they run out of fuel. The crisis has been brewing for months after Russian invasion of Ukraine exacerbated an ongoing global energy crisis. Regular gas prices in Laos have risen 40% in the four months since Russia invaded Ukraine.

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