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August 6, 2007

No intervention in oil prices, says energy minister
Energy Minister Piyasvasti Amranand on August 6 reiterated that Thailand's ministry would not intervene in the movement of oil prices, although that sector of the economy will continue to be volatile.  

He said the fluctuation in fuel prices is a normal phenomenon. The best way to supervise the prices, he advised, is to allow them to move in accord with market mechanisms.

The minister revealed the proposed floatation of liquefied petroleum gas (LPG) prices would conclude before the end of this year. The ministry is now considering whether LPG prices would gradually rise after being floated.

But, he said, an LPG price floatation would help ease burdens of the ministry. More importantly, it would lower retail oil prices since Thailand's State Oil Fund need no longer collect contributions from fuel consumers to subsidise LPG. TNA


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