Ministry of Energy announces good news Tomorrow, diesel will be reduced by 2 baht/liter, down to 30 baht/liter from the original 32 baht/liter, following the Cabinet resolution to reduce the excise tax to 2.50 baht/liter and use the Oil Fund’s management mechanism to hold the price until the end of the year. Prepared to use the remaining loan of approximately 50 billion baht.
News report from the Ministry of Energy informs that tomorrow (20 Sep 2023) the retail diesel price will be reduced by 2 baht/liter from the current not more than 32 baht/liter to not more than 30 baht/liter according to the resolution of the Cabinet (Cabinet). On Sept. 13, in order to reduce the burden of energy costs on the people, the Ministry of Energy proposed to use the excise tax mechanism and the fuel management fund to hold the price of diesel fuel not exceeding 30 baht per liter from Sept. 20, 2023. Until 31 December 2023
In this regard, the Cabinet meeting on September 13, 2023 passed a resolution approving a reduction in the diesel excise tax of 2.50 baht per liter for 3 months, starting from September 20 – December 31, 2023, which will be One mechanism to help reduce the price of oil to no more than 30 baht per liter.
A source from the Ministry of Energy said that currently the diesel excise tax is at 5.99 baht/liter. If there is a reduction according to the Cabinet resolution of 2.50 baht, it will be left at 3.67 baht per liter, which will leave money remaining from the deduction. Said approximately 2.32 baht was then used to reduce the retail price of diesel to the public at the rate of 2 baht/liter and the remaining 0.32 baht/liter was used for management to slightly enhance the liquidity of the Fuel Fund.
Currently (as of 19 September) the Oil Fund has subsidized the price of diesel at 8.98 per liter. baht, which is considered the highest subsidy rate in history because the price of diesel in the world market has continuously increased. And this makes the Oil Fund’s position as of Sept. 17, 2023, negative at 61,641 million baht, divided into a negative oil account of 16,902 million baht and a liquefied petroleum gas or LPG account of negative 44,739 million baht.
“Accepting that the price of diesel in the world market has increased, we have estimated that if the average world diesel price is 126-130 USD/barrel, there will probably be enough money to take care of it under the loan framework that contains public debt for the Oil Fund. Then 110 billion baht remains, about 50 billion baht, to maintain diesel at 30 baht/liter and freeze LPG according to Cabinet resolution until the end of the year,” the source said.
2023-09-19 04:06:00
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