A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable.
The discussion will be spearheaded by a subcommittee managing the fund, under the leadership of permanent finance secretary Lavaron Sangsnit. The losses have been split between subsidising oil prices (37.8 billion baht/US$1.05 billion) and liquified petroleum gas (LPG) subsidies (46.4 billion baht/US$1.29 billion), reported Bangkok Post.
The source confirmed that the Oil Fuel Fund Office (OFFO) has the authority to request a loan amounting to a total of 110 billion baht (US$3 billion) in support of the fund. To date, banks have…
