BANGKOK, 25 May 2011 – The Committee on Energy Policy Administration (CEPA) has resolved to collect another 40 satang from each liter of diesel to be contributed toward the State Oil Fund as a consequence of the lower global crude oil price for the time being.
Energy Minister Medical Doctor Wannarat Channukul indicated that contributions to the oil fund have risen by 2.20 baht per liter, allowing the fund to earn up to 76.2 million baht a day or 2.286 billion baht a month. The fund’s net reserve currently stands at 716 million baht.
Medical Doctor Wannarat said the collection rate adjustment is due to a decline of the global oil price as the Dubai crude price on 24 May decreased to 105.63 US dollars per barrel while the diesel price moved down to close at 122.94 US dollars per barrel.
The minister added that the global oil price is likely to dip continuously as the European economy has not recovered well yet, resulting in the depreciation of its currency and a stronger US dollar.
The recent increase of international reserves of China and deadly tornado in Missouri, the US are also affecting the crude oil demand and oil consumption.