The Office of the Oil Fund (NAO.N.O.) stated that the CAF has resolved to use the mechanism of the Oil Fund to stabilize the retail price of diesel fuel at 32 baht per liter after the measure. Reduction of excise tax on diesel fuel will end on July 20, 2023.
Mr. Wisak Wattanasap, director of the Oil Fund Office, revealed that the meeting of the Oil Fund Executive Board (KorPon) approved the use of the Fuel Fund mechanism to stabilize the retail price of diesel fuel to about 32 baht per liter. After the measures to reduce the excise tax on diesel by 5 baht per liter will end on July 20, 2023, the guidelines for using the fuel fund to manage the price of diesel will be implemented from July 21, 2023 continuously for a period of time. One according to the liquidity of the fuel fund to be operated. The stabilization of the retail price of diesel this time. It helps people not to affect their expenses when the country’s economy is recovering.
The situation will be monitored closely. It will consider the context of various factors. Carefully manage the fuel fund. Because there are still risks in the oil market. And the oil fund has to prepare liquidity to support that volatility. Including having to take into account the mitigation of the impact on the energy expenditures of the people, with the FAO coming in to help compensate 1.65 baht per liter from July 21 onwards
However, at present, although the oil fund position is still negative. But the position of the oil fund has increased liquidity. After receiving the loan into the system and can collect money to the Oil Fund has increased due to the relaxed situation of fuel prices in the world market But fuel prices remain volatile with OPEC’s production factor. and concerns in the still recession economy. The average diesel price in the world market during January – June 2023 was 98.64 US dollars per barrel, a decrease of 29.38 US dollars per barrel. from the end of 2022
As for the net oil fund position on July 16, 2023, it was negative 49,829 million baht, divided into a negative of 4,316 million baht from the oil account and 45,513 million baht from the LPG account.
Source: Thai News Agency