Diesel price cut

The state Oil Fuel Fund has announced another decrease in its price cap on standard diesel, by 0.50 baht per litre, from 34.44 baht to 33.94 baht, effective on Feb 22.

This is the second price cap reduction since Russia attacked Ukraine a year ago. The first was on Feb 2.

Fund director Wisak Watanasap said on Wednesday the retail price of standard diesel in Greater Bangkok would be reduced on the morning of Feb 22 by 0.50 baht per litre. The new price at  PTT and Bangchak stations would be 33.94 baht. 

According to OFFO, the price of diesel in Platts reference had decreased from US$166.12 per barrel last November to $135.5 in January and to $106 last week.

Energy authorities initially capped the local price of diesel, the fundamental fuel for economic activities, at 34.94 baht. The subsidy had cost the fund 130 billion baht as of last month.