Thailand to raise oil reserve
Thai oil companies have been ordered to extend the stockpiling of reserves from 60 to 70 days to ensure enough supply for domestic use amidst the global crisis due to the Russia-Ukraine tension, according to Thailand’s Ministry of Energy.
Bangkok (VNA) – Thai oil companies have been ordered to extend the stockpiling
of reserves from 60 to 70 days to ensure enough supply for domestic use amidst
the global crisis due to the Russia-Ukraine tension, according to Thailand’s
Ministry of Energy.
The Thai government also announced it will also raise Thailand’s crude oil reserve from 4 to 5 percent and finished oil reserve from 1 to 2 percent.
Minister Supattanapong Punmeechaow confirmed on March 11 that the diesel cap at 30 THB (0.9 USD) per litre would remain to support the transport sector.
He added that earlier this week, the Cabinet had agreed to waive excise tax for B0 diesel (diesel with less than 0.005 percent of sulphur) and oil used by the Electricity Generating Authority of Thailand to generate power until September 15.
He said the tax waiver should help reduce the cost of electricity generation, adding that the ministry is also looking into buying cheaper electricity from different sources to prevent people’s utility bills from rising too high./
The Thai government also announced it will also raise Thailand’s crude oil reserve from 4 to 5 percent and finished oil reserve from 1 to 2 percent.
Minister Supattanapong Punmeechaow confirmed on March 11 that the diesel cap at 30 THB (0.9 USD) per litre would remain to support the transport sector.
He added that earlier this week, the Cabinet had agreed to waive excise tax for B0 diesel (diesel with less than 0.005 percent of sulphur) and oil used by the Electricity Generating Authority of Thailand to generate power until September 15.
He said the tax waiver should help reduce the cost of electricity generation, adding that the ministry is also looking into buying cheaper electricity from different sources to prevent people’s utility bills from rising too high./
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