Bangkok: The Excise Department has announced that the recent 1 baht increase in excise tax on diesel and gasoline will not impact the retail prices of oil. This announcement came following the Cabinet’s approval of the new tax rates, as per the Ministerial Regulations on Excise Tax Rates (No. 42) B.E. 2568.
According to Thai News Agency, Ms. Kullaya Tantitemit, Director-General of the Excise Department, emphasized that the adjustment in oil tax rates is designed to ensure that the public does not experience any changes in retail oil prices. The Cabinet’s decision to approve the tax increase aligns with the department’s strategy to balance state tax revenue with the financial status of the Oil Fund.
The department proposed the tax increase while considering a reduction in contributions to the Oil Fund. This decision comes in response to the global market’s declining oil prices, which have led to an improved status of the Oil Fund. The adjustment aims to maintain an equilibrium between tax collection and the fund’s resources.
Ms. Kulya reiterated the department’s assurance that the tax increase will not burden consumers or affect their cost of living, reinforcing the commitment to stabilizing retail oil prices.