The continued strengthening of the baht has so far reduced costs of the country’s energy imports by around Bt60-70 billion, according to the Energy Policy and Planning Office (EPPO).
EPPO Director-General Viraphol Jirapraditkul said energy consumption had continued to grow as seen in the increase in the power consumption by over 10 per cent from the year before.
However, the continued appreciation of the baht means that energy imports costs have been saved by some Bt60-70 billion.
In addition, the stronger baht helped curb Thailand’s domestic retail fuel price hikes because the change of the currency value by 1 to the US dollar reduces fuel costs by around 0.20 baht per litre.
Currently the marketing margin in the retail fuel trade stands at around 1.5 baht per litre on average. (PNA/TNA)