Key insights
- Thailand is considering cutting oil excise taxes to combat rising energy prices due to Middle East tensions. While this eases local price pressures, it highlights global energy market vulnerabilities and potential inflationary impacts, indirectly creating headwinds for US equities.
Investing.com -- Thailand is considering a reduction in its oil excise tax to mitigate the impact of rising energy prices stemming from the war in the Middle East, a senior finance ministry official said on Thursday.
The tax cut could lower retail prices and be implemented immediately if approved by the Election Committee, ministry official Lavaron Sangsnit told a briefing.
A special cabinet meeting on Thursday approved the tax cut plan after the government stopped capping oil prices. The decision led to diesel prices jumping by 6 baht ($0.18) on Thursday.
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