State mulls reply to oil price spike Burden building on Oil Fuel Fund The government has two choices to cope with the upsurge in global oil prices — borrow more money to continue price subsidies or let local oil prices spike — as the global price could soar to US$150 a barrel amid the Russia-Ukraine war. “Authorities may have to let retail oil prices increase to better reflect market prices, or they need to use a lot more money from the Oil Fuel Fund to subsidise prices,” said Chairit Simaroj, managing director of SET-listed Susco, a local oil trader. Brent crude rose near $130 a barrel amid a…

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