Energy Ministry confirms no plan for Oil Fund collection


BANGKOK, 29 March 2012  – The Energy Minister has confirmed that Oil Fund collection is not on the government’s agenda at present. Meanwhile, global fuel price is predicted to remain at 120 dollars per barrel if the situation in Iran does not lead to violence. 

Energy Minister Arak Chonlatanon said that the government has no plan to collect oil fund contribution from benzene and gasohol given it will only add to the burden of the people, who are already facing soaring fuel price.

In regard to the plan to import palm oil from abroad, particularly from Indonesia, the ministry has assigned PTT PLC to oversee the operation. Exactly when the import process will commence, however, remains to be determined at a later date by the Commerce Ministry. He added that the price of the imported palm oil after it has been processed and sold as cooking oil will not exceed 42 baht per litre.

Meanwhile, former CEO of PTT PLC Prasert Boonsamphan expressed that the global fuel price will hover around 120 dollars per barrel, provided that no violence should take place in Iran from the ongoing international conflict. As one of the world’s major oil exporters, the Middle-eastern country exports over 17 million barrels of petroleum each day via the Strait of Hormuz.

However, if the situation in Iran worsens, the entire global economic system will be affected. Thus, Mr. Prasert urged all relevant countries to join hands preventing such circumstance from happening. Nevertheless, Thailand should keep a close eye on the situation and brace itself with appropriate adjustments in its fuel reserve measures.