11 July 2024

The cabinet decided to extend the 5-baht/litre excise tax cut today (Tuesday), to control the price of diesel fuel until September 20th.

Finance Minister Arkhom Termpittayapaisith said that the tax reduction will help ease the hardships being felt by the business sector and the public, who are already hard hit by the surging prices and a period of high inflation.

The excise tax cut will maintain the retail price of diesel, currently capped at 34.94 baht per litre.

Excise Department Director-General Ekniti Nitithanprapas said that the tax reduction, which initially came into force on February 18th, is only a temporary measure.

When global oil prices ease, he said that the government will use the Oil Fuel Fund as the main means of stabilising the retail price of diesel.