Industries urge government to cut energy prices for economic recovery

Amidst easing tensions in the Middle East and declining global energy costs, the Federation of Thai Industries (FTI) has submitted an urgent five-point proposal to the Thai government, calling for the swift adjustment and reduction of energy prices within Thailand. Penomjai Liisaraanuwong, Chairman of FTI, stated that as global oil markets stabilize and crude oil prices decline, the government must act quickly to ensure domestic prices reflect these decreases. He added that timely adjustment and reduction of energy prices can lower the cost of living for the public, reduce operational costs for businesses, and contribute to the country's economic recovery. The first proposal from FTI is to rapidly pass on cost reductions to the public and businesses. FTI urges the government to immediately revise domestic retail fuel prices to accurately reflect the rapid decline in global crude oil prices. They also demand that this process be conducted transparently and fairly. Secondly, FTI recommends a review of the management of the state-owned Oil Fuel Fund. It is necessary to re-examine and reduce the financial burden imposed on fuel users. The statement highlights the need to prevent unnecessarily high energy costs from falling on the public and the private sector during periods of market slowdown. Thirdly, FTI urges a reduction in costs affecting the entire economy. It is stated that rising fuel prices create a domino effect, continuously increasing transportation, food production, and industrial production costs, not just for drivers. FTI points out that cost reductions in this sector are crucial for rebuilding market competitiveness and boosting macroeconomic activity, especially for Small and Medium-sized Enterprises (SMEs). The fourth point is to build confidence in the economy. The government needs to demonstrate economic management that can respond promptly to global market changes. Clear and decisive decisions will help rebuild the confidence of the public, businesses, and foreign investors. Finally, FTI urges the government to accelerate the transition to Green Energy. Thailand should actively promote the shift to clean energy by reducing its reliance on fossil fuels. FTI states that energy efficiency and renewable energy infrastructure should be supported and promoted. Penomjai stated that these proposals have both short-term and long-term objectives. In the short term, they can alleviate current financial pressures, while in the long term, they can establish a robust framework for the country's energy security amidst ongoing global market volatility. Original News Source – Thai PBS