The Ministry of Energy says it will adjust energy prices in ways that do not impact people’s cost of living, in light of the recent decline in global energy prices. Meanwhile, it is calling on political parties to avoid campaigning on unrealistic energy price policies that would spell disaster for the energy infrastructure and fiscal discipline.
Phisut Phienmonkun, the secretary to the minister of energy, said the situation of energy prices remained volatile due to the conflict between Russia and Ukraine. The energy situation has triggered an economic crisis in some countries and has impacted Thailand’s domestic energy prices. He said the Ministry of Energy continues to closely monitor the situation and has coordinated with relevant agencies to prepare to address potential energy-related issues that may develop.
The ministry has so far issued several measures to assist the public in light of the energy prices situation. The measures addressed prices of oil fuel as well as electricity. Cooperation was asked of oil retailers to reduce their marketing margins and the Oil Fuel Fund was drawn on to provide oil price subsidies. Some taxes on fuels were also slashed in the interest of mitigating impacts on the public. Meanwhile, the amount of reserve oil was managed in accordance with the nation’s energy security needs.
Mr. Phisut said now that energy prices are falling, the energy ministry will adjust prices to reflect the true costs to avoid creating future budget problems. He disclosed that the electricity FT rates for the May-August cycle will be similar to those applied in the September-December 2022 cycle. This would be true for rates applied to households as well as industrial operations.
The ministerial secretary also urged political parties to not campaign for the general election using unrealistic energy price reduction policies. He said this would create impossible hopes among the public and such policies would impact the national energy infrastructure and fiscal discipline. (NNT)