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Oil imports likely to drop: High pump prices to trim consumption.
Byline: Parista Yuthamanop
May 3--Government cutbacks in diesel subsidies will help reduce consumption and oil imports, according to the Bank of Thailand.
The central bank, in its latest Inflation Report, said the government's decision to allow retail diesel prices to move closer to market prices would help cut imports, encourage energy conservation and productivity improvements by businesses and ultimately help support the trade and current accounts.
Petrol usage fell last year following the government's decision in October to allow prices to move with the market. But consumption of diesel, subsidised since January 2004, has risen steadily as ...
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