BANGKOK, 26 August 2011 – The Committee on Energy Policy Administration (CEPA) has resolved to decrease the collection towards the Oil Fund from Benzene 95, Benzene 91 and diesel, causing their prices to fall tomorrow.
Energy Minister Pichai Naripthaphan announced that CEPA had decided to reduce the Oil Fund collection from Benzene 95 by 7.17 THB per liter, Benzene 91 by 8.02 THB per liter and diesel by 3 THB per liter. The resolution is in compliance with the decision of the National Energy Policy Committee chaired by Prime Minister Yingluck Shinawatra.
As a result, from 6.00 hrs tomorrow onwards, the retail prices of Benzene 95, Benzene 91 and diesel will drop to 39.32 THB, 34.77 THB and 26.99 THB a liter respectively.
Initially, the collection cut will take effect only for six months to one year. It is expected to cause the income of the State Oil Fund to shrink by 6.16 billion THB per month. The fund now has a cash reserve of 15.61 billion THB and a total debt of 14.61 billion THB and is estimated to be able to subsidize fuel prices until January next year.