Diesel levy raised, but price maintained

Taking advantage of recent drops in oil prices, the Energy Policy and Planning Committee is increasing oil levy on diesel by 40 satang per litre to Bt2.20.

This will prevent a cut in diesel price, despite a fall in global price. Diesel price will remain unchanged, when the levy takes effective tomorrow. Diesel is retailed at Bt29.99 a litre now.

Energy Permanent Secretary Norkhun Sitthiphong, as chairman of the committee, said that the higher levy will boost the Oil Fund’s daily revenue to Bt137 million from Bt114 million.

As of March 17, the Oil Fund had negative value of Bt15.49 billion.

Oil prices have fallen from three-week highs as an unprecedented levy on bank savings in Cyprus threatened to worsen Europe’s debt crisis.