BANGKOK: (Bernama) Thailand will cut diesel prices by 2.14 baht (RM0.27) per litre from Thursday (April 9), offering immediate relief to motorists and businesses ahead of the Songkran festival.
The Oil Fuel Fund Management Committee (OFMC) on Wednesday (April 8) announced the reduction following the Energy Ministry's revision of the refinery pricing formula to ease the burden on the public.
Energy Minister Akanat Promphan said the Energy Policy Administration Committee had approved a two-baht-per-litre cut in ex-refinery prices for B7 and B20 diesel.
"The move also includes a reduction in compensation rates as global oil prices decline, aimed at stabilising the Oil Fuel Fund, which remains under strain with a deficit of more than 57 billion baht,” said Akanat, who is also the chairman of the OFMC, in a statement.
As a result, retail prices will fall to 48.40 baht (RM6.03) per litre for B7 diesel and 43.40 baht (RM5.40) per litre for B20, effective April 9.
Prices of other fuel types remain unchanged, with Gasohol 95 at 43.95 baht (RM5.48) per litre and Gasohol 91 at 43.58 baht (RM5.43) per litre.
Akanat said cooperation from all parties is crucial as Thailand navigates ongoing volatility in global energy markets, and expressed appreciation to the public and refinery operators for their role in easing the burden on society.
"Cooperation is the solution to every crisis. I would like to thank the Thai public for their understanding of the global situation and its impact, as well as refinery operators for helping to ease the burden on society.
"This collective effort not only reduces the cost of living but also supports Thailand’s economic momentum amid global volatility,” he said.
He added that the committee had also approved a reduction in diesel subsidy rates to align with declining global oil prices. - Bernama
