National oil and gas conglomerate PTT Plc has chose to allocate 3 billion dollars baht to the fast-dwindling Oil Fuel Account, following its months-long support of the diesel and liquefied petroleum gas (LPG) price subsidy programmes.
The PTT board resolved to grant the money recently as a debate around the government’s controversial intend to collect a windfall tax from oil refineries to put in more money to the finance remains unsettled.
The tax will be imposed upon part of the oil refinery margin.
Auttapol Rerkpiboon, leader and chief executive associated with PTT, said the decision aims to support the state’s attempts to reduce people’s cost of living.
The company will offer 1 billion baht each month from Come july 1st to September, this individual said.
The Oil Fuel Fund Office will discuss later if the money will be spent on controlling the retail prices of diesel powered or to pay the debts incurred by fund, which has currently run up failures of 105 billion dollars baht.
Last year, PTT provided financial assistance worth 14. 8 billion dollars baht to help individuals cope with higher power prices through a selection of projects including capping the price of compressed gas for taxi drivers and giving a discount on LPG, which is used as cooking food gas, for social welfare card slots.
Mr Auttapol said PTT also helped the country by increasing its crude oil reserves throughout the energy price turmoil.
Previously, energy authorities inquired PTT to help the state-run Electricity Producing Authority of Asia (Egat) relieve its 60-billion-baht financial burden incurred by Egat’s measures to alleviate rising living costs.
PTT, the only gas seller in the united states, decided to postpone another four months Egat’s gas purchase payment worth 13 billion dollars baht which was because of in May.