Yingluck pledges to slash retail fuel prices
Source: Agencies |
July 7, 2011, Thursday
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Print Edition
Print Edition
THAILAND'S Prime Minister-elect Yingluck Shinawatra said yesterday her new government planned to slash benzene, diesel and gasohol prices by removing a levy on them used to subsidize other fuels such as cooking gas.
Yingluck said her Puea Thai Party, which won Sunday's general election in a landslide, would move fast to keep its campaign pledge of scrapping a requirement for oil firms and petrol stations to contribute part of profits to an Oil Stabilization Fund.
"One of six priorities after presenting our government policy to parliament is to scrap the oil fund," Yingluck told a meeting of her economic advisers in Bangkok.
Puea Thai won 265 of the 500 seats in the new lower House of Representatives, thumping the ruling Democrat Party, which trailed with 159 seats.
Yingluck, younger sister of self-exiled former Prime Minister Thaksin Shinawatra, is heading a five-party coalition that controls a 299-seat majority in parliament.
Without compulsory contributions to the oil fund, which has been in place since 2007, retail benzene, diesel and gasohol prices at the pumps would drop by between 0.1 baht and 7.5 baht per liter.
The oil fund uses money from oil product sales to partly finance heavy subsidies for E-85, E-20, NGV and liquefied petroleum gas used for cooking, industrial and vehicle fuels.
It is unclear whether the scrapping of the oil fund would mean prices - which are currently capped - would rise. The present subsidies are set to expire at the end of September. The oil fund has already been drained and is running a debt of 22 billion baht (US$722 million).
Yingluck, 44, is expected to take office in early August.
Yingluck said her Puea Thai Party, which won Sunday's general election in a landslide, would move fast to keep its campaign pledge of scrapping a requirement for oil firms and petrol stations to contribute part of profits to an Oil Stabilization Fund.
"One of six priorities after presenting our government policy to parliament is to scrap the oil fund," Yingluck told a meeting of her economic advisers in Bangkok.
Puea Thai won 265 of the 500 seats in the new lower House of Representatives, thumping the ruling Democrat Party, which trailed with 159 seats.
Yingluck, younger sister of self-exiled former Prime Minister Thaksin Shinawatra, is heading a five-party coalition that controls a 299-seat majority in parliament.
Without compulsory contributions to the oil fund, which has been in place since 2007, retail benzene, diesel and gasohol prices at the pumps would drop by between 0.1 baht and 7.5 baht per liter.
The oil fund uses money from oil product sales to partly finance heavy subsidies for E-85, E-20, NGV and liquefied petroleum gas used for cooking, industrial and vehicle fuels.
It is unclear whether the scrapping of the oil fund would mean prices - which are currently capped - would rise. The present subsidies are set to expire at the end of September. The oil fund has already been drained and is running a debt of 22 billion baht (US$722 million).
Yingluck, 44, is expected to take office in early August.
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