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The decision will bar retailers from a cut in retail oil prices, though the global oil prices recently dropped.

 The contribution from petrol sales is raised 60 satang per litre, gasohol 40 satang and diesel 50 satang.

 Viraphol Jirapraditkul, director-general of the Energy Policy and Planning Office, said the contribution is hiked following the drop in global oil prices. The move will raise the Oil Fund's daily income by Bt33 million, from Bt300,000 earlier.

 "The higher contribution will be used to cushion the burden from the excise tax waive. The Oil Fund is yet to raise the contribution by another 80-120 satang per litre to end the excise tax subsidy," he said.