Ailing Oil Fund to get financial injection

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BANGKOK, Apr 17 – Thailand’s Oil Fund will gain extra revenue of Bt264 million a day, an increase from Bt184 million a day, due to additional contributions from fuel sales, the energy minister said today.

Pongsak Raktapongpaisal said the Energy Policy and Planning Committee (EPPC) agreed in today’s meeting to contribute more to the depleting Oil Fund.

The financial contributions will cover benzine and gasohol at Bt.50 per litre, and diesel oil at Bt1.20 per litre. The amount for E85 is left untouched.

Despite daily revenue of Bt264 million, the Oil Fund will remain Bt11.762 billion in the red.

Mr Pongsak said global oil prices have continued to decline since early this month.

Dubai oil price on Tuesday declined to US$97.9 per barrel – a reduction by US$5.25 per barrel compared to the rate during the previous EPPC meeting April 8.

The price of benzine declined to US$107.7/barrel or US$6.87/barrel lower, and diesel oil to US$112.7/barrel or US$6.37/barrel lower.

The minister said oil traders may reduce retail oil prices by Bt.50/litre today due to declining global oil prices. He said the Boston Marathon blasts should not negatively impact oil trading.

Oil prices are on a downward sliding trend until Q3 this year at around US$105/barrel, he added.