Thailand drafts new law to restructure oil prices

Thailand’s Deputy Prime Minister and Minister of Energy announced the completion of a draft law aimed at restructuring oil prices. This law is currently under review by a team of legal and energy experts before being presented to the Cabinet and later to the House of Representatives for consideration.

Minister Pirapan Salirathavibhaga emphasised his commitment to ongoing projects despite the interim period awaiting the formation of a new government.

“While we wait for the new government, I want to assure everyone that I have not abandoned my responsibilities. I continue to work on all the issues I have promised to the people.”

The new draft law represents the third step in a five-step plan designed to overhaul Thailand’s energy system. The plan, structured under the concept of Dismantle-Reduce-Release-Create, aims to transform the energy sector to benefit the Thai population.

The first two steps, which involved stabilising oil prices and issuing regulations requiring oil traders to disclose their costs for the first time in 51 years, have already been completed, said Pirapan.

“Today, we have finished the third step, and we are moving towards the fifth and final step. Our goal is to ensure energy security and fairness in the sale of fuel and gas for the people in the future.

“The draft law’s creation involved extensive collaboration with a special task force comprising legal and energy experts. This team meticulously reviewed and refined the draft to ensure its effectiveness and alignment with the overarching goals of the energy sector’s transformation.

“Once the experts complete their review, the draft will be submitted to the Cabinet for approval. Following this, it will be presented to the House of Representatives for further consideration and potential enactment.”

Pirapan’s statement underscores the government’s dedication to creating a fair and transparent energy market in Thailand. By requiring oil traders to disclose their costs, the government aims to promote transparency and reduce the likelihood of unfair pricing practices.

This initiative is a significant step towards achieving a more equitable energy market, where consumers can benefit from fairer prices and greater transparency.

Pirapan highlighted the importance of the ongoing reforms, stating these efforts are crucial in ensuring that the energy sector operates in a manner that is both fair and beneficial to all Thai citizens. We are committed to making these changes for the betterment of our country, reported Khaosod.