Fuel stockpile raised as crisis continues

Fuel stockpile raised as crisis continues

The government has instructed oil companies to extend the stockpiling of the country's oil reserves from 60 to 70 days to help offset any future oil crisis, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said on Thursday.

Speaking before a meeting with the finance and energy ministries, the Bank of Thailand and the Securities and Exchange Commission (SEC), Mr Supattanapong said energy reserves will be gradually raised until the target is met.

He said that in the face of possible supply crises, the government needs to stabilise oil reserves and ensure a sufficient supply.

He said the policy to cap domestic diesel prices at no more than 30 baht per litre using subsidies from the Oil Fund remains intact and the government will decide whether to allow the fund to borrow more if the energy crisis drags on. The cabinet recently approved an additional 30 billion baht of Oil Fund borrowing from a cap of 40 billion baht to deal with the rising price of diesel.

He noted that the decision to axe taxes on diesel and bunker oil used to generate electricity by the Electricity Generating Authority of Thailand is to help lower electricity bills.

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