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Attacks on Aramco prompt cut in contribution to Oil Fund

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Attacks on Aramco prompt cut in contribution to Oil Fund

By THE NATION

 

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The Energy Policy Administration Committee today (September 17) resolved to lower the contribution of retail oil operators to the Oil Fund by Bt1 per litre for benzene and Bt0.60 per litre for diesel in a move to stabilise retail fuel prices.

 

Energy Minister Sontirat Sontijirawong said after a meeting that the measure would take effective tomorrow (September 18).

 

The reduction was a step in preparation for a possible surge in local oil prices after the drone attacks on two major oil-processing facilities of Saudi Arabia’s Aramco.

 

Sontirat added that the attacks in Saudi Arabia will prompt the global crude oil price to peak at between US$60 and $70 per barrel, adding that the cut in the Oil Fund’s contribution is sufficient to deal with the situation. 

 

He also said that in case the global oil price spikes beyond $70 per barrel, he will call a meeting with the committee again to launch more measures, though he said he is confident the price will not exceed $70 per barrel.

 

Source: https://www.nationthailand.com/business/30376329

 

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-- © Copyright The Nation Thailand 2019-09-18
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2.4 billion baht from Oil Fund to stabilize domestic prices for three months

 

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Thailand’s Energy Policy Committee decided today to set aside about 2.4 billion baht, from the Oil Fund, to stabilize domestic oil prices ahead of an anticipated global oil price hike after Saudi Arabian oil production by was cut by half as a result of Houthi rebels’ drone attacks on Saudi oil installations over the weekend.

 

Energy Minister Sontirat Sontijirawong said today that, if the Dubai light crude remains stabilized at US$65 per barrel, domestic oil prices in Thailand will not fluctuate much and the 2.4 billion baht allocated from the Oil Fund would be sufficient to stabilize domestic oil prices for up to three months.

 

The minister explained that the Energy Ministry would cut the contribution to the Oil Fund by oil companies by one baht per litre of benzene and 60 satang per litre of diesel so that they can stabilize their pump prices.

 

Full story: https://www.thaipbsworld.com/2-4-billion-baht-from-oil-fund-to-stabilize-domestic-prices-for-three-months/

 

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