Thailand considering oil tax cut, finance minister says

Thailand is contemplating a reduction in oil taxes, according to Finance Minister Ekniti Nitithanprapas. The minister stated that cutting the excise tax on fuel could alleviate the burden on the public due to the ongoing energy crisis. Ekniti explained that the tax cut is being considered as most other measures have been exhausted, with Thailand having already reduced refinery margins and tapped its Oil Fuel Fund to stabilize prices.

The proposed tax cuts would apply to blended biofuels such as E20 and B20, which would benefit farmers. Ekniti emphasized that any tax cut would be designed to not impact Thailand's fiscal position, a key factor considered by credit rating agencies. Additionally, he indicated that he would seek approval for an extension to the consumer subsidy scheme during a cabinet meeting on Tuesday.

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