Energy Minister Dr. Wannarat Charnukul has called a meeting with the Office of Energy and Policy Planning (EPPO) to consider raising diesel prices by 40 satang per liter tomorrow.

According to the Energy Minister, since global crude oil prices have now reached 115 US dollars per barrel, the government has adopted a tax reduction scheme in a bid to stabilize diesel prices in Thailand.

However, due to the fact that the State Oil Fund has been disbursed by as much as 29 billion THB, the remaining amount of 4.5 billion THB at the Energy Ministry’s disposal is not sufficient to pull the prices down after this month.

Since the introduction of the tax cut, the EPPO may raise diesel prices by 40 satang per liter. It will be effective as soon as the new tax regime is enforced.

The EPPO is currently subsidizing the prices at 6.40 THB per liter. Dr. Wannarat said the State Oil Fund is expected to raise more money in the future if there is another increase in global oil prices to pay off the incurred debt.

News From NNT