Bangkok: The Oil Fund has recommenced the collection of diesel fuel into the Oil Fund at a rate of 85 satang per liter, following a decrease in global oil prices. This adjustment has boosted the Oil Fund's diesel revenue to over 55.75 million baht daily.
According to Thai News Agency, Mr. Pornchai Chirakulpaisan, Director of the Policy and Planning Office of the Oil Fund Office (OFO), stated that the decision was influenced by the recent ceasefire between Israel and Iran, which ended the conflict and stabilized global oil prices. The Oil Fund Management Committee (OFO) decided to reduce the compensation rate for diesel by 1.50 baht per liter, from the previous 65 satang per liter, to a collection of 85 satang per liter into the Oil Fund. This change does not impact the retail price of diesel, which remains at 31.94 baht per liter, ensuring the cost of living for the populace is not affected.
The reduction in compensation follows a notable easing in global oil prices, prompted by US President Donald Trump's announcement of the end of the 12-day conflict and the cessation of hostilities between Israel and Iran. The Strait of Hormuz, a critical oil shipping route, remained open, contributing to the normalization of the oil market and a significant drop in prices. Dubai crude oil fell to $68.75 per barrel, diesel to $86.16 per barrel, and gasoline to $82.55 per barrel.
Mr. Pornchai emphasized that the conflict in the Middle East was a critical factor in the surge of global oil prices. The Oil Fund has been actively using its mechanism to stabilize domestic oil prices, particularly focusing on preventing diesel price hikes, which are crucial for the transportation sector and the overall cost of living. With the normalization of world oil prices, the current reduction in compensation will alleviate the burden on the Oil Fund while maintaining domestic price stability, ensuring no adverse effects on consumers and the general public. The Oil Fund remains committed to closely monitoring global oil price trends to provide ongoing and appropriate public support.
Today's adjustment in compensation has improved the Oil Fund's income from the diesel sector, shifting from a negative 40.75 million baht per day to approximately 55.75 million baht per day. Meanwhile, income from the gasoline sector remains stable at around 76.13 million baht per day.