The new cabinet agreed today to peg the pump price of diesel at not more than Bt33/litre, to cut the electricity price by 19.05 satang per unit for households using a maximum of 300 units per month and to maintain the price of cooking gas at Bt423 for a 15kg cylinder.

The measures were proposed by the Energy Ministry to ease the financial burden on consumers and to enable the economy to recover in the wake of rising oil prices.

According to the cabinet, the Oil Fuel Fund will be used to subsidise the diesel price to keep it within the new limit. If the fund experiences financial problems, the cabinet may turn to the Central Fund for support.

The Oil Fuel Fund has been running in the red, to the tune of about 100 billion baht, by subsidising diesel and cooking gas prices.

At the cabinet meeting today, Prime Minister Srettha Thavisin instructed the Industry Minister to fast-track the approval of permits for about 200 new factories, which have been delayed within the Industrial Works Department.

Before the cabinet meeting, the prime minister and his revamped cabinet had a group photograph taken at Government House. The new cabinet attended a swearing-in ceremony last Friday, following a Royal Command announcing the new line-up.