Authorities now expect Thailand’s electricity prices to decrease in May to reflect the lower cost of fuel.
Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow made the announcement at the iBusiness Forum 2023 event. He added that the decision is now pending consideration by the Energy Regulatory Commission.
He noted that the FT tariff, which previously charged different rates based on the type of electricity users, will no longer be applied. However, he did not reveal the potential new rates but said that they will be based on the fuel cost and the debt burden faced by the Electricity Generating Authority of Thailand (EGAT).
Minister Supattanapong also mentioned that the Thai economy has passed its difficult phase, which was characterized by the pandemic, the energy price crisis, the global economic slowdown, and policy rate increases in many countries. He said the government has been working to sustain the country’s economic growth and stability.
Meanwhile, Finance Minister Arkhom Termpittayapaisith said the Thai economy has shown positive signs of recovery. The Ministry of Finance is currently assessing the situation before making further adjustments to its economic projections.
The ministry anticipates that the economy will grow by 3.8% this year, while many agencies, including the Bank of Thailand and the National Economic and Social Development Council, share the view that the kingdom’s inflation rate will gradually decrease and eventually return to the range of 1-3%. (NNT)