Oil prices unchanged despite fuel tax hike

Officials have managed to keep the retail prices of oil unchanged despite regulators deciding to increase the fuel excise tax by 15%, says Energy Minister Pirapan Salirathavibhaga.

- YUTHANA PRAIWAN

Agencies regulated the prices by reducing motorists’ contributions to the state Oil Fuel Fund, he said.

Excise tax and money paid to support the Oil Fuel Fund are among the key components of the structure of domestic oil prices.

Changes in excise tax rates and contributions to the Oil Fuel Fund are occasionally made to control domestic oil prices.

The higher excise tax policy, which took effect yesterday, increased the tax rates of gasohol 95 (from 5.85 to 6.70 baht a litre), gasohol E20 (from 5.20 to 6 baht a litre) and diesel (from 5.99 to 6.92 baht a litre), according to officials.