The pump price of petrol was set to drop by 1 baht to 3.89 baht a litre from midnight Thursday following agreement on changes to contributions to the Oil Fund at a meeting of the National Energy Policy Council (NEPC), deputy junta chief ACM Prajin Juntong said.
Petrol will become more "realistically" priced from midnight Thursday. (Photo by Pattarapong Chatpattarasill)
ACM Prajin, chairman of the NECP board, said the adjustment aimed to reflect the actual cost in a more realistic way.
The board will also continue to keep the diesel price below 30 baht a litre in Bangkok and surrounding provinces to help keep down the cost of living.
The change in contributions to the fund will result in a per-litre decrease of 3.89 baht for normal petrol, 2.13 baht for gasohol 95, 1.70 baht for gasohol 91, and 1 baht for E20 gasohol. However the price of diesel will effectively increase by 0.14 baht a litre.
The new per-litre pump prices of standard petrol will be 44.86 baht, gasohol 95 37.80 baht, gasohol 91 35.78 baht, E20 gasohol 33.98, E85 gasohol 24.52 and diesel 29.99 baht.
ACM Prajin was assigned by the National Council for Peace and Order (NCPO) to supervise economic matters after the May 22 coup. The NCPO decided at a meeting on Tuesday to adjust the collection of excise tax and municipality tax, and also contributions to the state Oil Fund to rationalise oil prices.
ACM Prajin said in response to the NCPO’s decision the energy council had changed the contribution rate to the fund. Other agencies would work on other tax adjustments.
Prior to the NEPC meeting on Thursday afternoon, social media was already speculating on a cut in fuel prices of 1-4 baht under the NCPO's policy to "return happiness" to Thai people.
With the new contribution rate, the inflow into the fund is now estimated at 2.448 billion a month, down 35.17% from 3.557 billion baht. As of Aug 17 the fund was 7.646 billion baht in the red.
Energy permanent secretary Areepong Bhoocha-oom will on Thursday night oversee a check of petrol stocks at oil depots and petrol stations nationwide.