The government’s excise tax cut for diesel will end this week. The Oil Fuel Fund Office will be announcing the newly adjusted diesel prices tomorrow, with full excise tax applied, while government officials believe the discontinuation of this campaign will not affect consumers.
The government’s current excise tax cut for diesel at 5 baht per liter will end this 20 July, with a clear indication from the Ministry of Finance that this campaign will not be extended.
Ministry of Finance Permanent Secretary Krisada Chinavicharana said the discontinuation of this campaign should not affect the general public, as the status of the Oil Fuel Fund has improved.
Mr. Krisada said although the excise tax cut cost some 10 billion baht per month in excise tax revenue, the excise department was still able to achieve its revenue target.
Meanwhile, the Oil Fuel Fund balance currently stands at negative 52.27 billion baht, which is a level at which the Ministry of Finance expects the fund to resume its function as a pricing mechanism for oil prices.
The Oil Fuel Fund Office (OFFO) will be announcing the adjusted diesel rate tomorrow, which will be inclusive of the full excise tax applied, after the end of the tax cut campaign. (NNT)
