NBTC approves use of oil fund Subsidize gasoline at 1 baht/liter

Bangkok, The meeting of the Fuel Fund Management Committee (FPF) approved the use of the Fuel Fund mechanism to support the price of gasoline at 1 baht/liter due to the end of the tax reduction measure. The Excise Department gives 1 baht to gasoline group to reduce the cost burden of the people. Mr. Wisak Wattanasap, Director of the Fuel Fund Office (NFC), revealed that the FPF meeting resolved to approve the use of the Fuel Fund mechanism to support oil users in the gasoline group at 1 baht/liter in order to reduce the cost burden. Public spending after the end of the Excise Department tax reduction measure on gasoline group of 1 baht due to the current oil price situation in the world market is still fluctuating. The average gasoline price from January 1-30, 2024 is at 95.72 USD/barrel. For this operation, it is a mission to comply with Section 5 of the Fuel Fund Act 2019 in stabilizing the level of fuel prices in the country at an appropriate level in order to help with people's living expenses in situa tions where energy prices are high. There is still volatility. Estimated net oil fund position as of January 28, 2024 is negative 84,349 million baht, divided into negative 37,875 million baht for oil and negative 46,474 million baht for LPG gas. Source: Thai News Agency