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Baht/$ 33.30/33
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GOLD |
15,000
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ENERGY
YUTHANA PRAIWAN
A pump station employee fills a motorcycle tank near a sign that reads: ``60-baht minimum refill. No bargaining''. |
The Energy Ministry has set a budget totalling 600 million baht to compensate oil traders for the taxes they already paid for their outstanding inventory to help prevent shortages on Friday when the oil excise-tax cut takes effect.
Metta Buntherngsuk, director-general of the Department of Energy Business, said as a result of the government's policy to cut the excise tax for ethanol-based petrol and diesel for motorists, authorities needed to repay the oil traders for the excise taxes they have already paid for their unsold supplies as of that date.
The compensation, to be paid both for taxes paid for fuel inventories and stocks at petrol stations nationwide, is expected to total 600 million baht and will come from the state Oil Fund.
He said the traders would receive the reclaimed taxes within three days.
"If [the government] doesn't make it clear that [oil traders] will get their money back very soon, some of them may suspend their sales for fear of losses due to the taxes they have already paid," Mr Metta said.
Starting from July 25, the prices of all ethanol-based petrol will be cut by 3.88 baht a litre, diesel by 2.71 baht and B5 diesel, a mixture of 5% of biofuel in diesel, by 2.47 baht a litre. The cuts make the ethanol- and biodiesel-based petrol 7.88 baht to 8.78 baht a litre cheaper than premium petrol.
The oil fund will be repaid the advance payment starting Feb 1 next year, when the oil-price subsidy scheme ends.
The fund now has a cash reserve of three billion baht from the required contribution to the fund, totalling 100 million baht a month.
Mr Metta said at midnight on July 24, all 15,000 gas stations and 100 oil depots nationwide will stop selling petrol and have their inventories audited.
Almost 2,000 officials from the Energy Ministry, Commerce Ministry and Interior Ministry are prepared to audit the oil stocks.
The Department of Internal trade will also tighten its supervision to prevent hoarding on that day which could result in shortages.
The cuts of electricity and water bills will start from August to January next year.
Meanwhile, the prices of all gasoline types will be cut by one baht per litre and 80 satang for diesel today following a drop in global crude prices.
The new retail prices will be 42.19 for premium petrol, 39.39 baht for regular petrol, 35.79 baht for gasohol 95, 34.99 baht for gasohol 91, 34.49 baht for gasohol E20, 42.24 baht for high-speed diesel and 41.54 for diesel B5.
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