State mulls reply to oil price spike
Burden building on Oil Fuel Fund
The government has two choices to cope with the upsurge in global oil prices — borrow more money to continue price subsidies or let local oil prices spike — as the global price could soar to US$150 a barrel amid the Russia-Ukraine war.
“Authorities may have to let retail oil prices increase to better reflect market prices, or they need to use a lot more money from the Oil Fuel Fund to subsidise prices,” said Chairit Simaroj, managing director of SET-listed Susco, a local oil trader.
Brent crude rose near $130 a barrel amid a…
