Oil subsidies stay only four months: Wannarat

 At the seminar on "Future of Thai Energy against Global Economic Crisis," held by Thai Chamber of Commerce, he said that the oil prices must move in line with the global rates, but the subsidies would be in place to reduce the shock waves for the brief period.

 At present, the Oil Fund spends Bt4.4 billion a month on the subsidies.

 Oil producers earlier agreed to keep the combined capacity at 24.8  million barrels a day while Saudi Arabia earlier targeted oil prices to rise to US$75-US$76 per barrel. 

 Due to higher oil prices, gasohol consumption has been on the rise, from 7-8 million litres a day last year to 12 million. Diesel B5 consumption has risen to 23.5 million litres a day, while pure diesel consumption is at 28.7 million litres.