The government’s excise tax cut for diesel is set to end this week, and the Oil Fuel Fund Office will announce the newly adjusted diesel prices tomorrow. The full excise tax will be applied to diesel following the conclusion of the tax cut campaign. However, government officials believe that the discontinuation of this campaign will not have an impact on consumers.
The Ministry of Finance’s Permanent Secretary, Krisada Chinavicharana, assured the public that the discontinuation of the excise tax cut should not affect them. The Oil Fuel Fund’s financial situation has improved, and the ministry expects the fund to resume its role as a pricing mechanism for oil prices.
While the excise tax cut cost the government around 10 billion baht per month in revenue, the excise department still achieved its revenue target. Currently, the Oil Fuel Fund balance stands at a negative 52.27 billion baht.
The announcement of the adjusted diesel rate by the Oil Fuel Fund Office will provide clarity on the new pricing, which will include the full excise tax after the conclusion of the tax cut campaign.