Thailand's Finance Minister Considers Lowering Oil Excise Tax on Some Products

Thailand is considering lowering the oil excise tax on some products. According to Sina Finance, Finance Minister Ekniti Nitithanprapas said the move would help ease living-cost pressure on the public from the energy crisis. He said tax cuts are being considered because nearly all other measures have already been exhausted. He added that Thailand had previously reduced fuel costs by squeezing refinery margins and using the oil fuel fund to stabilize prices. Ekniti said the tax cut would apply to blended biofuels such as E20 and B20, which would benefit farmers. He also said any tax-cut plan would not affect Thailand's fiscal position, which he described as an important advantage for credit rating agencies. He added that he will seek approval at Tuesday's cabinet meeting to extend the consumer subsidy program.