Energy Ministry holds on its decision on oil contribution
Energy Minister Piyasvasti Amranand said on Monday that the ministry would wait for a few days before making a decision whether the mandatory contribution to the Oil Fund would be further cut.
Earlier, he said that the Oil Fund would review today if the contribution must be cut again to delay a hike in domestic retail oil prices.
Earlier today, Viraphol Jirapraditkul, director-general of the Energy Policy and Planning Office, said that if the Singapore oil prices move up today, the Oil Fund could reduce the contribution from gasohol and biodiesel products. He noted that it is difficult to reduce the contribution from diesel sale to Bt1 a litre. In addition, the octane-95 petrol contribution would not be cut.
Chaiwat Chooritti, senior executive vice president of PTT Plc, said that good news is today the price of all fuel products in Singapore drops US$1 a barrel in the morning, though they stay at the above $100 level.
The contribution for all fuel products, but supreme petrol, was cut on November 15 by 40 satang per litre.
- The Nation
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