PHUKET: The 3% diesel tax cut in effect for three months is not enough to stave off rising prices in Phuket, Phuket Chamber of Commerce President Thanusak Phungdet has warned.
The government should offer another temporary excise tax cut of three baht on benzine to ease the financial burden from soaring global oil prices caused by the Russia-Ukraine clash, says a Thammasat University economist.
The cabinet on Tuesday agreed to cut the excise tax on diesel by three baht per litre, from the current 5.99 baht, for three months to help ease the impact of high energy prices on the cost of transport and consumer goods.
Entrepreneurs feel they cannot continue to maintain stable prices of goods much longer as soaring energy costs are making waves across the board, dealing a blow to both emerging businesses such as delivery services as well as laggards like tourism.
The government is looking for additional sources of funding to finance its energy subsidies, as its financial assistance is running low while global oil prices are approaching US$100 a barrel.