The Ministry of Energy plans to lower the fuel tariff (Ft) in September, which will lead to a significant reduction in the price of electricity. According to the Secretary General of the Ministry of Energy, Kulit Sombatsiri, consumers can expect a reduction in the cost of 40-50 satang per unit between September and December.
Currently, the Ft rate is 4.70 baht per unit. The planned decline was made possible by lower world prices for oil and liquefied natural gas (LNG).
Kulit added that if global energy prices drop to around US$9 per million British thermal units (MBTE), the Ft tariff could be reduced by 70 satang per unit.
In addition to falling oil prices, the outlook for LNG is also encouraging, with a projected increase in natural gas production from the Erawan field in the Gulf of Thailand. Production capacity will be increased to 500 million cubic feet per day in September and further to 800 million cubic feet in the near future.
This will help reduce dependence on imported LNG, as the price of gas from the Gulf of Thailand will be $5-6 cheaper per MBFC, which could lead to lower electricity generation costs and a further reduction in the Ft tariff.
As a result, consumers are expected to receive a significant reduction in the price of electricity, which in turn will positively affect their budget and stimulate the country's economic growth.
