More to be collected from local fuel sales to boost State Oil Fund

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BANGKOK, 14 June 2012  – The country’s energy policy regulator has announced an increase in local fuel sales contribution to the State Oil Fund. 

Permanent Secretary to Energy Norkun Sitthiphong said on Wednesday that the latest National Energy Policy Council meeting has resolved to raise the contribution of benzene and gasohol sales by 0.50 baht a liter.

As a result, the contribution of both benzene 91 and 95 sales goes up to 6.40 baht per liter. For gasohol 91, the collection will be raised from 2.50 baht to 3 baht per liter, while that of gasohol 95 will go up from 1.40 baht to 1.90 baht a liter.

Mr. Norkun said that the increase was approved due to easing global oil prices, which led local oil business operators’ marketing margin to rise above the 2-baht-a-liter mark.

He added that the higher collection will lead to the daily contribution of 153 million baht to the State Oil fund each day, which is 10 million baht more than the amount collected before the increase.

Currently, the State Oil Fund is still 21.06 billion baht in the red, according to the Energy Ministry’s Permanent Secretary.

Regarding the diesel sales contribution, the meeting has decided to leave the number unchanged.