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 Energy
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04 Oct 07 07:34
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Energy minister downplays concern over floatation of LPG prices
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TNA
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BANGKOK, Oct 3 - Energy Minister Piyasvasti Amranand on Wednesday played down public concerns over the floatation of cooking gas prices in mid-December, saying it would not adversely affect their expenses because the ministry planned to reduce its contribution to the State Oil Fund by 0.50 baht per litre.
Speaking after joining a function to mark the 5th anniversary of the ministry's foundation, he said that cooking gas or liquefied petroleum gas (LPG) prices would be floated as planned by late this year, which is the period the fund's net liabilities return to zero.
So, he believed the floatation of LPG prices would not adversely affect inflation rates and public spending because the ministry is set to cut the collection of the contribution to the fund by 0.50 baht per liter when its liabilities are totally repaid.
It could not be denied that the inflation rise stems mainly from higher oil prices.
Should the contribution to the fund be cut by 0.50 baht per liter, the local oil prices would drop. It would result in a reduction in the primary household expenses.
At the same time, proceeds from the contribution cut would be partly used to finance construction of the electric mass transit rail project. Such an action would help reduce the oil imports as well, he said.
Mr. Piyasvasti said the continued oil price decline in the world market is considered a good news because it could prevent a further rise in retail oil prices at the end of this week.
However, the energy minister conceded that global oil prices remain volatile for the moment.
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