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Published on April 19, 2008

The Nation

Deputy Prime Minister and Finance Minister Surapong Suebwonglee said yesterday that the cut would be done selectively so that it would not affect market mechanisms or compromise the energy-saving policy.

He said that he would need to consult with the Energy Ministry before making the decision.

With Dubai crude oil touching US$106.42 (Bt3,300) per barrel yesterday, refined petrol $120.42 and refined diesel $143.77, PTT is raising the prices of all fuel types 50 satang a litre from today. Global oil prices reached new highs on protests in France, a reported suicide bombing in Iraq and

an explosion in a Chinese refinery.

Meanwhile, Energy Minister Poonpirom Liptapanlop said that the ministry expected to come up soon with ways to help the transport industry cope with rising fuel expenses, but direct financial assistance has been ruled out.

"The Oil Fund doesn't have enough money to subsidise prices," Poonpirom said yesterday.

"Subsidies are no longer viable, since oil prices continue on their upward trend and there is no end in sight. I think the public understands this and the ministry is trying its best to relieve the burden," she said.

The Energy Policy and Planning Office has been assigned to draw up relief measures for each industry, particularly transport, by next week, she said.

Rather than subsidies, the ministry will rely on the promotion of all alternative fuels, which could solve oil-related problems in the long run.

It is set to complete the 15-year renewable energy master plan as soon as possible. Once approved by the Cabinet, the 2008-2022 master plan will rationalise and balance renewable fuel consumption, without disrupting any related industries, she said.

The public hearing on the master plan will be held on Monday, and all interested parties are invited.