Thailand To Cut Fuel Prices After Global Oil Costs Drop
Thailand's government will cut retail fuel prices following drops in global oil costs, with an emergency meeting called tonight to expedite the reduction and ensure citizens benefit quickly.
Energy Minister Eknath Promphante has accepted orders from Prime Minister Anuthin Charnvirakul and Interior Minister following a cabinet meeting to accelerate measures reducing retail fuel prices domestically. He has called an emergency meeting of the Energy Policy Committee (EPPC) and the Oil Fund Management Committee (OFMC) for this evening to consider guidelines for lowering fuel prices in line with reduced costs. The evening meeting will expedite review of measures to cut retail fuel prices quickly, ensuring domestic prices reflect reduced costs and citizens benefit rapidly. The government will not wait for reference prices from Singapore's refined petroleum market if crude oil costs have already declined.
