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The Energy Policy Administrative Committee has agreed to keep the retail price of liquefied petroleum gas at Bt22.29, through increasing its subsidy to Bt1.317 per kilogram.

At its monthly meeting yesterday, Energy Minister Anantaporn Kanjanarat said that in a bid to alleviate impacts on the cost of living, the committee approved a Bt0.7040 increase in the Oil Fund’s subsidy for retail LPG, effective today.

The increment takes the total subsidy to Bt1.317, amounting to Bt557 a month. The Oil Fund was sitting on Bt7.937 billion as of November 29.

The committee also agreed to postpone the scheduled shutdown next year of the JDA-A18 gas field in the Gulf of Thailand from April to the third quarter, to alleviate impacts on the national electricity tariff and concern over supply security for the South.

Businessman of the year

Suh Kyung-bae, chairman and chief executive of South Korea’s largest cosmetics company AmorePacific, was named Forbes Asia’s Businessman of the Year.

His father founded AmorePacific and Suh took over the helm of the family company in 1997.

Today, AmorePacific has more than 20 major brands and sells its products in 14 markets.