Thai Examiner
Petrol and diesel rise as inflation for August comes in at 2.53%. However confidence is also seen rising
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Thailand feels the Middle East energy shock as diesel rises ฿0.70 and gasoline ฿0.80. Inflation hits 2.53%, while the Fuel Fund deficit reaches ฿83.291bn. Yet consumer confidence rebounds after ฿140bn in government-backed spending across the economy.
Key facts
- Thailand feels the Middle East energy shock as diesel rises ฿0.70 and gasoline ฿0.80
- Consumer confidence rebounds after six months as Thai Helps Thai Plus injects ฿140 billion into economy
- Thailand was hit by a fresh fuel-price shock on Wednesday as the Middle East crisis drove global energy costs higher, pushing diesel up ฿0.70 per litre and gasoline and gasohol up ฿0.80
- The increase came as headline inflation accelerated to 2.53% in August, with prices rising across 310 of 464 monitored items
- At the same time, the Oil Fuel Fund deficit deepened to ฿83.291 billion, worsening by ฿2.819 billion in one week while subsidies cost about ฿500 million daily
- Consumer confidence has staged its first broad recovery in six months, helped by more than ฿140 billion circulated through Thai Helps Thai Plus, firmer farm prices and stronger spending expectations
Summary
Thailand was hit by a fresh fuel-price shock on Wednesday as the Middle East crisis drove global energy costs higher, pushing diesel up ฿0.70 per litre and gasoline and gasohol up ฿0.80. The increase came as headline inflation accelerated to 2.53% in August, with prices rising across 310 of 464 monitored items. At the same time, the Oil Fuel Fund deficit deepened to ฿83.291 billion, worsening by ฿2.819 billion in one week while subsidies cost about ฿500 million daily.
Thailand raised fuel prices on Wednesday as the Middle East crisis pushed global energy costs sharply higher. Diesel increased by ฿0.70 per litre. Gasoline and gasohol rose by ฿0.80 per litre. The increases took effect nationwide on September 9. They came as inflation accelerated and the Oil Fuel Fund sank deeper into deficit.