Cabinet approves Oil Fuel Fund’s 20 billion baht loan plan

The Cabinet gave the green light today to the Oil Fuel Fund seeking a 20 billion baht loan to improve its liquidity and to stabilise domestic prices of finished oil products.

Rachada Dhnadirek, spokesperson for the PM’s Office, said that the approval follows the endorsement by the Cabinet of the public debt management plan, in the wake global oil price rises due to the war in the Middle East.

She disclosed that, as of April 5, the Oil Fuel Fund has been operating in the red to the tune of about 53 billion baht, most of which is the result of oil subsidies, owed to the oil refiners and major oil traders who are unable to procure new oil supplies.