Latest news and articles about Thai economy from NEX English
Diesel prices in Thailand have surpassed <strong>50 baht</strong> per liter, leading to increased costs in vital sectors such as transport, tourism, and agriculture. This rise has prompted many Thais to cancel or reduce their travel plans during the <strong>Songkran</strong> holiday.
Thailand is experiencing a significant crisis in fuel and essential goods prices, with the spokesperson for the Middle East Situation Monitoring Center declaring this as the 'new normal.' This situation arises under the influence of ongoing conflicts in the Middle East.
This week, Thailand experienced an unexpected increase in fuel prices by <strong>6 baht</strong>, causing public discontent after weeks of government assurances that the situation was under control. This comes as drivers face fuel shortages and long lines at gas stations.
The Thai government announced its intention to reduce the excise tax on diesel by 1 baht per liter, aiming to alleviate the rising financial burdens on consumers. This measure is expected to cost the state approximately 2 billion baht monthly.
The Thai Fiscal Policy Office is exploring the possibility of imposing an unexpected tax on oil refining companies. This initiative aims to achieve tax equity and enhance government revenues amid global oil price volatility.
Reports from Sing Buri province in Thailand indicate that fuel shortages and rising prices have caused chaos in logistics services for retailers and wholesalers. This situation raises concerns about a potential decline in shopper activity during the Songkran Festival in April.
The Thai government faces significant challenges as diesel prices are expected to reach 60 baht per liter. This situation necessitates the adoption of a managed float policy to counteract the impacts of rising energy prices.
Millions of drivers in Thailand woke up on Thursday to a sharp increase in fuel prices, which jumped by up to <strong>22%</strong> overnight. This decision came after the government moved to reduce financial support affected by rising global oil prices.
The new Thai government led by Anutin Charnvirakul aims for economic stability and growth following its election victory. However, significant economic challenges may hinder these promises.