Thailand to cut retail gas price following energy conservation fund resolution

A significant resolution was announced by the director-general of Alternative Energy Development and Efficiency, Prasert Sinsukprasert, on November 2. The pronouncement concerned a resolution on the Fund of Energy Conservation, which is set to bring about a substantial reduction in the retail gas price of Gasohol 91 by 2.50 baht per litre.

This change is slated to take effect from November 7 and will run until the end of January next year.

Furthermore, the retail gas price of Gasohol 95 and Gasohol E20 will also experience a decrease in line with the impending changes. The retail gas price of Gasohol 95 is projected to drop by approximately 1 baht per litre. Similarly, Gasohol E20 and Gasohol E85 are set to see a price drop of around 0.80 baht per litre.

Prasert expressed his concern regarding the ongoing conflict in the Middle East. This war, he noted, could potentially have far-reaching implications for the global economy, reported Pattaya News. These potential impacts could, in turn, influence gas and oil prices within Thailand.

“The ongoing war in the Middle East may have an impact on the global economy. This can affect gas and oil prices in Thailand.”

In related news, the UK government has announced plans to terminate the windfall tax on exceptional oil and gas profits in 2028, provided that prices decrease. This decision comes after fossil fuel corporations warned of reduced investments.

The windfall tax, which accounts for 75% of North Sea oil and gas production profits, will persist for the next five years. However, if prices drop to historically normal levels for six months, the tax rate for oil and gas firms will revert to 40%.

Prices had soared to historic highs following the invasion of Ukraine, leading to record profits for oil and gas producers such as Shell and BP. Read more about this story HERE.

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