Oil Fund reduces contribution 40 satang on Monday

The Oil Fund plans to reduce the mandatory contribution from retailers by 40 satang per litre for all fuel types, in response to the sharp spike in global oil prices last night.

Energy Minister Piyasvasti Amranand said on Friday that if the global oil prices in New York drops sharply tonight, this reduction may not be necessary.

He admitted that the reduction would delay the Oil Fund's debt repayment. The Oil Fund is expected to clear its debts by the end of this year.

Light, sweet crude for December delivery rose 45 cents to US$93.94 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore today. The contract on Thursday fell US$1.04 to settle at US$93.49 a barrel after rising as high as US$96.24, a new trading high. Analysts expect it to test the $100 a barrel level soon. - The Nation

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Oil Fund reduces contribution 40 satang on Monday

The Oil Fund plans to reduce the mandatory contribution from retailers by 40 satang per litre for all fuel types, in response to the sharp spike in global oil prices last night.

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