Thai Government Maintains LPG Price, Implements Economic Stimulus to Ease Cost of Living

The Thai government is set to continue its efforts to alleviate the cost of living for its citizens. Specifically, it will maintain the retail price of LPG (Liquefied Petroleum Gas), a widely used household fuel, at 423 baht per 15kg cylinder. This measure aims to shield the public from direct impacts of global price fluctuations. According to Ms. Ratchada Thanadirek, Government Spokesperson for the Prime Minister's Office, the June consumer confidence index rising above 50.2 for the first time in four months is seen as a sign that government economic measures are having some effect and public purchasing power is beginning to recover. However, she noted that the economic situation remains fragile, necessitating a multi-pronged approach involving income enhancement, reduction of expenditure burdens, and stabilization of energy prices. As part of its economic stimulus, the "Thai Chae Thai Plus" project is expected to circulate approximately 100 billion baht within the domestic economy. A key feature of this initiative is its design to ensure funds are not concentrated in Bangkok, but rather distributed broadly to local areas, small retailers, and communities. The spokesperson highlighted that spending in Bangkok accounts for only 15-16%, indicating the policy's potential to genuinely invigorate the provincial economies. Regarding energy price stabilization, the government will utilize the Oil Fund mechanism to curb LPG price increases. By increasing the subsidy per kilogram from 7.2209 baht to 9.8642 baht, the retail price will be kept at 423 baht. The spokesperson emphasized that this measure has a direct impact on people's lives, as rising LPG prices would inevitably lead to higher costs for food and services. However, it was also acknowledged that maintaining energy prices comes at a cost. As of August 7, 2024, the cumulative deficit in the Oil Fund stood at approximately 71.82631 billion baht, an increase of about 2.044 billion baht from the previous week. The government stated its commitment to managing the economy within the nation's fiscal capacity, aiming for stability in people's lives and sustainable economic recovery, ensuring no one is left behind. Source: INN News