Energy Minister Pirapan Salirathavibhaga reassured the public at the 2024 Energy Symposium that the government’s efforts to stabilize fuel and power prices will continue. Despite ongoing tensions in the Middle East, which could potentially impact global oil supplies, officials are confident in the stability of prices in the fourth quarter.
Mr. Pirapan discussed the matter with energy authorities and found no immediate concerns regarding significant price fluctuations in the global market. This assurance allows the government to uphold its energy price subsidy programs, particularly for diesel and electricity, to alleviate the economic strain on consumers and businesses during the current slowdown.
The diesel price subsidy, which currently maintains the retail price below 33 baht a litre, is set to expire on Oct 31. Similarly, the power tariff of 4.18 baht per kilowatt-hour will be in effect until the end of this year. While the exact extension period for these subsidies was not disclosed, Mr. Pirapan hinted at their continuation to ensure price stability amidst the economic challenges.
Deputy Permanent Secretary Veerapat Kiatfuengfoo highlighted the country’s oil reserves, stating that Thailand has stocks that could last up to two months in the event of escalating tensions in the Middle East. With a substantial stockpile of crude oil and refined oil, Thailand is well-prepared to mitigate any potential disruptions in the global oil supply chain.
The government’s commitment to keeping energy prices affordable and stable is crucial in supporting the economy and safeguarding consumers from sudden price spikes. By extending subsidy programs and maintaining a strategic oil reserve, Thailand aims to navigate through uncertain times without compromising on energy security.
In conclusion, the assurance from Energy Minister Pirapan Salirathavibhaga and the proactive measures taken by the government reflect a concerted effort to uphold stable fuel and power prices in the face of external uncertainties. By prioritizing consumer welfare and economic stability, Thailand aims to weather any potential challenges in the energy market with resilience and foresight.