Energy Ministry demands more contribution to Oil Fund

BANGKOK, 9 July 2009 (NNT) – The Ministry of Energy has demanded more contribution to the State Oil Fund following the decrease of world oil price.

Mr. Veeraphol Chirapraditkul, Director of the Energy Policy and Planning Office, said the ministry had raised the contribution rate for benzene by 60 satang a liter; gasohol by 40 satang a liter; and diesel by 50 satang a liter.

Mr. Veeraphol said the rising contribution was due to the decline in world oil price by US$2 a barrel, which resulted in an increase of market margin of oil to distributors. With the rising contribution, he said the fund would be able to earn an extra 33 million baht a day.

Prior to the new rates of contribution, Thailand’s State Oil Fund could earn around 300 billion baht a day. He assured that the Energy Ministry’s move would not cause changes in price of oil products at service stations