Thai Cabinet to Review Fuel Tax Cut Amid Global Oil Volatility; PM Optimistic on GDP Growth

Key summary

Prime Minister Anutin Charnvirakul announced that the Cabinet will meet on October 27 to consider reducing excise taxes on E20 fuel in response to fluctuating crude oil prices. While noting global instability, the government aims to transition energy structures to reduce reliance on crude oil. The PM expressed confidence that Thailand's GDP for the year will exceed 2.1%, citing positive signals from foreign investment, exports, employment, and tax revenue. PTT fuel prices as of October 24 were listed for various diesel, gasoline, and E20 blends. Additionally, the Prime Minister emphasized Thailand's strategic advantages in logistics and regional connectivity to attract foreign investment beyond low-cost labor competition.