oil price today Cabinet approvesprice of diesel fuel5 baht per liter until July 20, helping to restore the economy and alleviate the suffering of the people and the business sector on an ongoing basis
oil price today
latest price oil Arkhom Termpittayapaisith Mr Finance Minister When revealing the results of the Cabinet meeting held on March 14, 2023, it was decided to approve the extension of the period for reducing the tax rate on diesel fuel by 5 baht per liter for another two months between May 21 and July 20, 2023 in order to prevent the increase in the retail price of diesel fuel Up to the point that it is an obstacle to the economic recovery of the country. and the livelihood of the people from the burden of higher living costs due to the fluctuating situation of the price of crude oil. due to the crisis between Russia and Ukraine In addition, the depreciation of the baht affects the cost of importing crude oil.
Ekniti Nitithanprapas Director General of the Excise Department added that the Excise Department has implemented tax measures to help alleviate the suffering of the people from the situation of continuously rising energy prices. By reducing the tax rate on oil and various types of oil products and several times. especially diesel fuel because it is used as the main fuel in all sectors from upstream to downstream Making it a cost in the manufacturing sector, electricity and the transport sector in all industries. and reduced the diesel tax rate by 5 baht per liter It will be effective until May 20, 2023 in order to alleviate suffering for the people and the business sector. as well as stimulating and reviving the country’s economy as a whole The Excise Department proposed and the Cabinet approved the extension of the period for reducing the diesel tax rate by 5 baht per liter for another 2 months between May 21 and July 20, 2023.
This reduction in excise taxes on oil and oil products will help keep the retail price of diesel fuel in the country from increasing so rapidly that it affects people’s living costs and hinders the recovery of the country’s economy. Although the overall picture will cause the Excise Department to lose revenue from collecting excise tax on oil and oil products of about 20,000 million baht, this will help the overall picture in all dimensions to grow. Under the strategy of the Excise Department to drive the economy through customs taxes. Focus on the environment, society and good governance to move Thailand towards sustainability
Ministry of Finance Information
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