The Energy Policy Administration Committee (Epac) has agreed to cut local fuel prices by a further one baht per litre for petrol and 60 satang per litre for diesel from today.The price reduction is part of urgent measures to tackle a short-term price hike in global oil after two refineries in Saudi Arabia were attacked on Saturday. Epac expects local motorists to see no effects from the price increase. The committee plans to use 2.4-2.5 billion baht from the state Oil Fund to subsidise the oil price reduction for three months, spending 813 million baht a month. “The amount of cash depends on movements in the Middle East and global oil prices,” said Sontirat Sontijirawong, energy minister and chairman of Epac. “We expect this measure to help motorists deal with the oil price hike and hope the situation in the Middle East will return to normal soon.” Epac reports that the Oil Fund has 39.04 billion baht, taking in 1.2 billion baht a month through a levy collected from petrol users. The fund spends 31 million baht a month to subsidise diesel, including biodiesel. The Dubai crude oil price stood at US$65.25 a barrel yesterday. “Epac expects crude oil prices… Read full this story
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