Tuesday, June 18, 2024

Diesel price to rise by 50 satang per litre on Friday

Thailand’s Oil Fuel Fund executive committee raised diesel price by 50 satang/litre to 32.94 baht/litre due to global oil price volatility, capping high-speed diesel subsidy at 1.40 baht/litre.

Thailand’s Oil Fuel Fund Raises Diesel Price

The executive committee of Thailand’s Oil Fuel Fund has approved a 50 satang/litre increase in the diesel price, bringing it to 32.94 baht/litre starting at 5am on Friday. This decision is a response to the global oil price volatility caused by conflicts in Ukraine and Gaza, and aims to limit the subsidy for high-speed diesel and B-20 high-speed diesel to 1.40 baht/litre.

Reasons Behind the Price Hike

According to Wisak Watanasap, director of the Oil Fuel Fund’s office, the continuous capping of the diesel subsidy at 1.40 baht/litre, amidst fluctuating global oil prices, has led to the price increase. The fund, which is currently in a deficit of 111.35 billion baht as of May 26, is facing a daily cost of 96.29 million baht for the diesel subsidy.

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