Thailand, Bangkok
Thailand passed a tax incentive package on 26th May to encourage motorists and truckers to switch from gasoline or diesel to compressed natural gas (CNG) or ethanol as the net crude oil importer seeks to counter soaring oil prices. The package was moved up by two years from an original schedule as the country sees oil prices pushing up inflation and affecting economic growth, cabinet ministers said. "We have to speed up the plan as global oil prices have already exceeded our projected price of $120/barrel for this year," Finance Minister Surapong Suebwonglee told reporters. U.S. crude was up nearly 40 percent this year, after touching a record high of $135.09 last week.
Reuters reports the incentive plans were estimated to save Thailand, which imports 80
percent of its crude needs, 15 percent of its 700 billion baht annual
fuel costs, Energy Minister Poonpirom Liptapanlop told reporters.
The cabinet also approved extending a tax cut for cars, trucks and
buses running on natural gas by four years and ordered PTT to finance
the engine conversion cost of 21,000 taxi cabs to run on natural gas
from liquefied petroleum gas, she said.
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