The Cabinet has resolved to extend the excise diesel tax cut of 5 baht per liter for two more months, from September 21 to November, in order to assist consumers affected by high living costs.
According to Finance Minister Arkhom Termpittayapaisith, the Cabinet also agreed to maintain the 0% excise tax rate on bio-diesel and bunker oil used to generate power for an extra six months, from September 16, 2022, to March 15, 2023.
As diesel is the primary fuel for transportation and industry, Ekniti Nitthanprapas, Director-General of the Excise Department, said a temporary tax drop is required to alleviate the financial strain on consumers and businesses.
In addition, Ekniti noted that the devaluation of the baht against the U.S. dollar would increase the price of imported oil, adding that an increase in oil prices could potentially have far-reaching consequences for consumers and businesses.
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