Minister vows to keep lid on fuel and power prices

Energy Minister Pirapan Salirathavibhaga insists that the government will continue to cap domestic energy prices, notably diesel and electricity, to help consumers and businesses deal with the economic slowdown.
His comment at the 2024 Energy Symposium yesterday came as conflicts in the Middle East showed no sign of abating, with Israel striking southern Lebanon, targeting the Hezbollah militant group.
The intensifying tension in the region has caused concerns over the disruption of global oil supplies.
Mr Pirapan said he recently discussed price trends with energy authorities but found no serious concerns.
“I have talked with officials from many departments in the Ministry of Energy who said there is no big worry over price fluctuations in the global market,” he said.
“This means it should not be too difficult for the government to continue its energy price subsidy programmes.”
The diesel price subsidy that keeps its retail price below 33 baht a litre is scheduled to expire on Oct 31, while the power tariff of 4.18 baht per kilowatt-hour will be applicable until Dec 31 this year.
The minister said earlier that the subsidy programmes were likely to be extended.
He did not disclose the extension period, saying only that diesel, liquefied petroleum gas and electricity prices must be controlled during the economic slowdown.
Veerapat Kiatfuengfoo, the deputy permanent secretary at the Ministry of Energy, said earlier that the country has oil stocks of up to two months if tensions in the Middle East become more severe.
The stockpile of 3.36 billion litres of crude oil would last for 26 days, with an additional 2.05 billion litres being transported to Thailand, ensuring usage for another 16 days. Thailand also has 2.4 billion litres of refined oil to serve domestic demand for 20 days in case of emergency.