Oil Fund levy slashed
The Oil Fund levy on gasohol and diesel products will be cut, effective tomorrow, to help keep prices low in light of higher global oil prices.
The levy on gasohol 95, gasohol 91 and E20 will be cut by Bt0.70 per litre, while that of diesel will be cut by Bt0.90 per litre. Levy on E85 and other products remains unchanged.
This decision will not lead to a cut in retail prices. It is just aimed at delaying increases in retail prices.
Norkun Sitthiphong, permanent secretary for energy, said after chairing the Energy Policy and Planning Office that the Oil Fund's revenue would drop from Bt308 million a day to Bt238 million. Though the fund's financial position is minus Bt8 billion, he is confident that the position would return to the positive territory within May.
Dubai crude oil once again exceeded US$100 per barrel.
"Oil prices are moving up as US inventory declines by 4 million barrels, above the 2-million-barrels expectation. Meanwhile, Japan and Singapore also showed a drop in inventory. Syria's use of chemical weapons against the rebels is also feared to worsen the condition," Norkun said.
