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Thailand’s 5 Baht Per Liter Diesel Tax Reduction Ends

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Thailand's 5 Baht Per Liter Diesel Tax Reduction Expires

On Thursday, the government of Thailand’s diesel excise tax reduction cuts will come to an end. Government authorities believe the end of this campaign will not have an impact on customers, but the Oil Fuel Fund Office will be revealing the newly adjusted diesel pricing tomorrow, with the full excise tax applied.

The government’s current excise tax break for fuel at 5 baht per liter expires on July 20. The ministry of finance has made it plain that this campaign won’t be continued.

The end of this campaign shouldn’t have any negative effects on the general people, according to Permanent Secretary of the Ministry of Finance Krisada Chinavicharana, as the position of the Oil Fuel Fund has improved.

According to Mr. Krisada, the excise agency was still able to meet its income goal even though the excise tax drop cost about 10 billion baht per month in excise tax revenue.

The Ministry of Finance anticipates that when the Oil Fuel Fund balance reaches a negative 52.27 billion baht level, it would once again serve as a pricing mechanism for oil prices.

Following the conclusion of the tax cut campaign, the Oil Fuel Fund Office (OFFO) will announce the modified diesel rate tomorrow, which will include the full amount of applied excise tax.

Thailand’s economic growth

Meanwhile, Chayawadee Chai-anant, assistant governor for Corporate Relations Group at the Bank of Thailand, said a delay in the formation of the new administration will have an impact on how the 2024 national budget is spent, particularly investment in new mega projects that may not be launched.

She acknowledges that it is challenging to appropriately assess Thailand’s political position at the moment due to the high level of uncertainty, particularly with regard to the choice of the new prime minister.

She added, however, that trust has not been much impacted because historical instances of political violence have not significantly impacted the Thai economy.

However, she issued a warning that if the political situation does escalate into violence or carries on for an extended length of time, economic activity may become sluggish.

The second session of parliament, which will take place on July 19 and be used to elect the prime minister, will be attentively watched by the central bank, according to the assistant governor.

She said that the central bank had examined a number of scenarios to analyse the political situation’s potential effects on the economy.

The central bank currently expects economic growth to be 3.6% this year and 3.8% next year.

 

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