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PETROLEUM
YUTHANA PRAIWAN
Motorists will have to pay the same for diesel even though oil companies today are cutting their pump prices by 50 satang a litre, because the Energy Ministry is also cutting some diesel price subsidies.
In fact, an increase of 50 satang a litre is possible for diesel, which is currently priced at 37.44 baht a litre.
The ministry today will cut the subsidy of 40 satang a litre that had been absorbed by the state Oil Fund since February, and impose a levy of 10 satang to wipe out the benefit if the retail price reduction.
The move reflected declining world oil prices, said Energy Minister Poonpirom Liptapanlop.
The ministry also plans to seek approval from the National Energy Policy Council next week to cut the diesel subsidy of 0.50 baht supported by the Energy Conservation Fund.
The subsidy cuts would help the Oil Fund to earn as much as 484 million baht a month from diesel levies, instead of the current of 52 million baht.
Lt gen Poonpirom said the fund needed to improve its financial standing in order to subsidise diesel B5, a blend containing 5% biofuel, in the near future.
Subsidies would continue to be reviewed regularly to reflect actual movements of oil prices, the minister said.
Global oil prices have fallen by almost US$30 per barrel over the last two weeks. Crude for September delivery was quoted yesterday at $124.08 a barrel in electronic trading on the New York Mercantile Exchange, reflecting the slowing economy in the United States.
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