Finance Minister: Govt to closely monitor fuel price


BANGKOK, 27 March 2012  – Deputy Prime Minister and Finance Minister Kittiratt Na Ranong has stated that the current increase in the global fuel price is an uncontrollable issue; however, the government will attempt to maintain domestic fuel price at the lowest rate possible.

Mr. Kittiratt has admitted that the soaring fuel price will force an upward trend in the private sector’s production cost. Given that this change will occur worldwide, the production capacity of the Thai private sector will not be impacted. Meanwhile, the government will keep a close eye on the situation in order to prevent any abrupt adjustment in the domestic fuel price.

The Deputy PM for Economy has also confirmed the entry into force of the minimum wage hike policy. According to him it is time that the low-income groups received a wage rise in order to improve their life quality. In addition, the wage hike will also stimulate domestic consumption as well as increase the public’s purchasing power. The 300-baht wage increase will be piloted in 7 provinces, whereas in the remaining provinces, labour wage will be adjusted upward by 40%.