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Diesel subsidy ending but prices firm.
Jun. 1--Faced with escalating losses, the government yesterday bowed to the inevitable and announced that the fuel subsidy programme would be scrapped in 10 months.
Subsidies will be cut starting today, although actual pump prices will remain unchanged after cabinet ministers agreed to temporarily reduce excise taxes during the transition period.
The oil fund has incurred losses of 88 billion baht since subsidies were introduced in January 2004. While subsidies on petrol were scrapped last October, diesel has continued to be subsidised, with the current pump price fixed at 18.19 baht per litre, or 2.86 baht below market prices.
Under the restructuring, excise taxes on diesel will be cut by one baht per litre for six months, followed by a second cut of 50 satang for another four months. As a result, the oil fund's subsidy cost will fall to 1.76 baht per litre ...
- Oil fund could pay for more mass transit.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) September 11, 2007 700+ words
...option would be to cut Oil Fund contributions by one baht for all fuel grades...sales contribute one baht per litre. Revenues received by the Oil Fund go to subsidising...generate four billion baht in revenues for the Oil Fund each month. The...
- Oil Fund bonds sold in record time: But some queuing investors suspicious.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) October 11, 2005 700+ words
...Chudasri Oct. 11--Oil Fund bonds sold out 10...increased from 22 billion baht to 26.4 billion...of 15.60 billion baht has been planned...few minutes. "The Oil Fund bonds are very attractive...he said. The oil fund, which began subsidising...up to 85 billion baht ...
- Levy raised to refill empty oil fund coffers in Thailand.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) December 23, 2004 700+ words
...will boost inflows to the oil fund by 400 million baht per month from the current...gas, about one billion baht per month will remain in the oil fund. That amount will be...the seven-billion-baht debt the oil fund has incurred by subsidising...
- State Oil Fund looks to invest overseas.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) April 20, 2006 700+ words
...the world. The State Oil Fund currently has revenues of five billion baht per month from tax collections...petrol sales and a 1.55-baht-per-litre tariff on...has debt of 80 billion baht, the cost of a government...investments," he said. The oil fund could also take a leading...
- Oil fund to start backing mass transit.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) April 6, 2007 700+ words
...surplus of 50 million baht per month. Mr Siwanan said that once the oil fund was debt-free next...surplus of 50 billion baht by October 2008 from income of 10 billion baht a month. The government...he said. No new oil fund will be established...
- Rule Changes Will Help Shore Up Oil Fund in Thailand.
- Newspaper article from: Knight Ridder/Tribune Business News April 20, 2004 700+ words
...money to the depleted state oil fund. The fund has spent 3.4 billion baht to subsidise petroleum prices...baht and diesel at 14.59 baht. Before the subsidies began, the oil fund had a reserve of 2.6 billion baht but now it is 3.4 billion...
- Thailand-Run Oil Fund to Clear Debts in Two Years.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) (via Knight-Ridder/Tribune Business News) February 14, 2003 700+ words
...the debts of the state-run oil fund within the next two years so...monthly deficit of 710 million baht, including 400 million baht in payments to clear old debts...accumulated debts of nearly 10 billion baht. The fund's revenue stands...
- Reworking Oil Fund may lower fuel costs.
- Newspaper article from: Bangkok Post (Bangkok, Thailand) June 26, 2006 700+ words
...of the state-managed Oil Fund as a way to help lower...remain high. Stretching the Oil Fund's debt repayments for...currently owes 50 billion baht to financial institutions...could be reduced to 1.50 baht from the existing 2.50...
Source: HighBeam Research, Diesel subsidy ending but prices firm.