Mr. Supattanapong Punmeechaow, Deputy Prime Minister and Minister of Energy stated during the opening of a seminar and special lecture at the annual Energy Symposium 2022 that tomorrow (September 13), it is expected that the Ministry of Finance will propose measures to extend the excise tax reduction on diesel fuel, which is set to expire. Additionally, measures to assist with electricity costs for vulnerable groups and low-income individuals, amounting to 8 billion baht, will be presented by the Ministry of Interior to the Cabinet meeting, utilizing the emergency and necessary reserve budget for fiscal years 2022 and 2023 to support the target groups. 

Meanwhile, the global oil price situation continues to rise due to the ongoing tensions from the Russia-Ukraine crisis, causing market concerns over oil supply. The Ministry of Energy is closely monitoring the energy situation to manage energy during the Russia-Ukraine crisis and during the transition in energy supply to ensure continuity.

The government is making efforts to address the issue of high oil prices by utilizing the oil fund to subsidize costs, as well as temporarily reducing excise taxes. Regarding electricity prices, efforts are being made to procure alternative fuels that are cheaper than gas for electricity production, keeping the fuel adjustment cost (Ft) increase within the previously announced limits to minimize the impact on industries and the public.

For the adaptation and survival of the Thai industrial sector amid the global energy crisis, it is essential to enhance production efficiency and innovation by increasing competitiveness and sustainable development within the industrial sector. This requires a transition from an economy focused solely on offline trade, exports, and investment to a new business model that increasingly integrates online formats, emphasizing industries that leverage innovation in production to create value chains that meet market demands. This involves using innovation to enhance competitiveness and striving for excellence at both regional and global levels.