The energy crisis is causing a widespread impact on both the household and industrial sectors. The Minister of Energy has urged businesses to adjust their operations in keeping with the current situation.
At the Energy Symposium 2022 held by the Federation of Thai Industries (FTI), Minister of Energy Supattanapong Punmeechaow delivered a special remark on the energy crisis, where he outlined the government’s efforts to mitigate the crisis.
He said the Ministry of Energy has been closely monitoring the situation to effectively manage energy resources, especially amid the ongoing Russia-Ukraine conflict.
The ministry has so far used some 120 billion baht of funding from the Oil Fuel Fund to help maintain the fuel price, together with a temporary reduction of excise tax.
The ministry has been working to allocate alternative fuel options for electricity generation that are cheaper than natural gas in order to keep the Ft tariff affordable.
So far, the Electricity Generating Authority of Thailand (EGAT) has absorbed up to 100 billion baht of the difference in the Ft rate, bringing the total amount of government aid to maintain fuel and electricity prices to some 200 billion baht.
As natural gas prices are expected to keep rising, the Minister of Energy recommended the industrial sector keep its costs low by saving on energy consumption, upgrading its manufacturing efficiency through innovations, and adopting new business models that help improve its competitiveness and ensure sustainable growth within the sector.
Members of the Cabinet are expected to consider a new round of electricity pricing aid measures for September-December 2022 at the weekly meeting on Tuesday, along with the extension for diesel oil excise tax reduction.
The government is also expected to introduce new tax measures to encourage households to install rooftop solar cells. (NNT)
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