The cabinet on Tuesday agreed to a fifth extension of the excise tax cut on standard diesel, until Jan 20, due to high oil prices.
Finance Minister Arkhom Termpittayapaisith said the weekly cabinet meeting approved continuing the excise tax cut of five baht per litre for two months from Nov 21.
The tax reduction will mean another 20 billion baht in lost revenue, Mr Arkhom said. This was the fifth extension. The accumulated revenue loss will be about 108 billion baht.
The first diesel tax cut was 3 baht a litre for three months, from Feb 18 until May 20, at a cost of 18 billion baht in lost revenue, then five baht a litre for three months from May 21 until July 20, at a cost of 30 billion baht.
The third extension was five baht a litre from July 21 until Sept 20, and the fourth five baht a litre from Sept 21 until Nov 20, each costing 20 billion baht in lost revenue.
The pump price of standard diesel in the Bangkok area was 34.94 baht on Tuesday.
There is no subsidy on premium diesel.