Minister Akanat Proposes State Oil Reserve, Cuts Refining Margins to Aid Public

Khaosod•Economy•2d ago

Reader Briefing

Thailand's Energy Minister unveils plans to reduce refining margins and establish a national oil reserve to mitigate the ongoing energy crisis.

•Energy Minister Akanat Promphan announced measures to tackle the energy crisis, focusing on reducing oil prices and ensuring public welfare.
•Key proposals include lowering refining margins, establishing a national oil reserve, and restructuring electricity tariffs.
•The ministry aims to prevent private entities from dictating prices and will actively regulate the energy sector to protect citizens' interests.

Overview

•Energy Minister Akanat Promphan stated that Thailand is currently facing a significant energy crisis impacting citizens' livelihoods.
•Akanat Promphan has initiated discussions with refineries and plans to review refining margins for April to further reduce oil prices.
•The Ministry of Energy will utilize the Oil Fund and adjusted refinery prices to address the crisis, as a last resort will consider excise tax adjustments.
•Akanat Promphan emphasized transparency and adherence to objectives in managing the Oil Fund to alleviate public hardship.
•The Department of Energy Business has been instructed to collect comprehensive data from refineries to distribution points to prevent public exploitation.
•Given that Thailand imports over 90% of its crude oil, the establishment of a national oil reserve is deemed necessary for future readiness.
•The ministry is considering a tiered electricity tariff structure ('use less, pay less; use more, pay more') and promoting solar panel installation with low-interest loans.
•Akanat Promphan asserted that the government, not private companies, will regulate energy prices to safeguard public interest, stating a firm stance against capitalist influence.

Full article content is available on the original source.

Read on Khaosod (Thai Version)

Source: Khaosod (Original)

View Original Article

Key Quotes

Akanat Promphan

"I confirm that in this role, I will work without any deference to capitalists whatsoever."

ผมขอยืนยันว่า ในการทำหน้าที่ตรงนี้ ผมจะทำงานแบบไม่เกรงใจนายทุนอย่างเด็ดขาด

Akanat Promphan

"Currently, the country is facing an energy crisis that is significantly impacting the livelihoods of the people."

ขณะนี้ประเทศกำลังเผชิญวิกฤตพลังงานที่กระทบความเป็นอยู่ของพี่น้องประชาชนค่อนข้างมาก

Akanat Promphan

"Refineries must share the burdens and joys together with the people."

โรงกลั่นจะต้องเฉลี่ยทุกข์เฉลี่ยสุขไปพร้อมๆ กับประชาชน

Akanat Promphan

"The time has come for us to have a national oil reserve."

ถึงเวลาแล้วที่เราต้องมีคลังสำรองของประเทศ

Key Entities

Person

Akanat Promphan(เอกนัฎ พร้อมพันธุ์)

Minister of Energy who announced government policies to address the energy crisis.

Minister of Energy(รมว.พลังงาน)

The cabinet position held by Akanat Promphan, who is presented as the key figure in energy policy announcements.

Organization

Committee for the Study of Fuel Price Appropriateness(คตร.)

The committee whose data was used by the Minister of Energy to inform decisions on fuel pricing and refinery margins.

Oil Fund(กองทุนน้ำมันเชื้อเพลิง)

A financial mechanism that the Ministry of Energy will leverage, alongside refinery price adjustments, to manage fuel costs and mitigate the energy crisis.

Department of Energy Business(กรมธุรกิจพลังงาน)

The government department tasked by the Minister of Energy to collect comprehensive data on the fuel supply chain to prevent public exploitation.