Govt ‘too slow’ to tackle fuel prices

The government is producing slow progress in bringing down high gas prices, says Kla Party leader Korn Chatikavanij. More serious troubles will follow unless the particular fuel price crisis is addressed quickly, he said on Monday.

In a post on his Facebook page, Mr Korn said 8 weeks have passed with no headway has been made within the government’s effort to tackle fuel costs.

This individual said four major refinery companies — Thai Oil, Esso, Star Petroleum Improving (SPRC) and Bangchak Corporation (BCP) — made sharp improves in profits within the second quarter compared to the same period this past year.

Their accumulated profits within the second quarter dating back to 2018 were barely half this particular year’s figures, he said. These amounts showed profits plus refining margins had been related even though refineries said otherwise, he said.

Unusual increases in profits had arrive at the expense of the general public and other businesses bearing the large brunt of the gas price crisis. He said refining margins were the main reason push prices were higher than they should be and the reason why consumers were required to pay the debts incurred by the Oil Fuel Fund that was used to subsidise the price of diesel.

Two oil traders — PTTOR and PTG — also had impressive working results and their own profits were from marketing fees, this individual said.

The marketing fee was about three baht per litre, which was higher than usual, he said. “But We don’t see this particular bothering the Energy Ministry. The double earnings that these giants made tell us whose side the minister as well as the government are on. The profits are generated at the back of householder’s suffering, ” he said.

Mr Korn mentioned the fuel price crisis affected inflation and prompted the financial institution of Thailand to boost the policy price to 0. 75%. Higher interest rates would cause a bigger problem to borrowers whether or not they were individuals or businesses, particularly SMEs.

“This is the first time-bomb the government must defuse or it will bring about a chain response, ” he said.