May 29, 2022
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Thailand unveils relief measures to counter rising energy prices

Thailand unveils relief measures to counter rising energy prices

THAILAND will freeze retail diesel prices and subsidize cooking fuel prices for the low-income teams, a part of a raft of measures unveiled to present relief to shoppers hit onerous by hovering energy prices.

Retail diesel prices can be capped at 30 baht ($0.9) a liter until the top of April, Prime Minister Prayuth Chan-Ocha informed reporters after a cupboard assembly in Bangkok on Tuesday. Past April, the federal government will solely subsidize 50% of any enhance in prices because the Southeast Asian nation is going through a excessive fiscal burden, he mentioned.

Thailand, a internet oil importer, is stepping up efforts to protect the nation’s low-income teams from the influence of the very best inflation in 13 years because the Russian conflict in Ukraine pushes up energy prices. The federal government will take crucial steps to assist all sections of the society and make sure the nation emerges from the disaster with out anybody being left behind, Mr. Prayuth mentioned, including financial restoration efforts will give attention to boosting commerce and funding and tourism rebound.

“We are now dealing with health and war issues. It’s a double whammy,” Mr. Prayuth mentioned. “The government is working hard to help as many people as possible so that we survive this twin crisis.”

Mr. Prayuth’s authorities has pledged to enhance state oil reserves, slashed excise responsibility on diesel and lowered the bio-fuel mixing necessities quickly to present relief to shoppers and companies, nonetheless reeling from the pandemic. The patron worth index rose by 5.3% in February, probably the most since Sept. 2008, sending the core inflation studying to 1.8%. That’s effectively above the Financial institution of Thailand’s inflation goal vary of 1% to 3%.

The cupboard additionally ordered authorities companies to discover methods to assist farmers who’re hit by rising prices of fertilizers and animal feed forward of the brand new planting season, Prayuth mentioned. The overseas ministry will coordinate efforts to safe fertilizer and different provides with different international locations, he mentioned.

Different measures unveiled to cushion the blow from rising energy prices throughout Could-July embrace:

• Rising money help for cooking fuel buy to 100 baht a month from 45 baht for 3.6 million welfare card holders

• 5,500 avenue hawkers holding welfare playing cards to get 100 baht every a month as cooking fuel worth low cost

• 250 baht month-to-month oil subsidy for 157,000 registered bike taxis

• Sustaining retail worth for pure fuel for autos at 15.59 baht a kilogram

• Decrease electrical energy costs throughout Could-August interval for shoppers not utilizing greater than 300 items a month

• Utilizing state oil fund to partially subsidize rising cooking fuel prices

• Decreasing contribution underneath the social safety system for each employers and employees to 1% from 5%

• Approves plan to restructure 9.3 billion baht debt of fifty,621 farmers

• Clears 15.85 billion baht funds to assist present assure for comfortable loans for small and medium enterprises. — Bloomberg

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