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Rising Oil Prices, Falling Baht Worry Thai Industry Leaders

A gas station sits empty during rush hour as Thailand imposes a national night-time curfew to arrest the spread of the coronavirus pandemic and the Covid-19 pulmonary disease it causes. (Photo: Bangkok Herald)
A gas station sits empty during rush hour as Thailand imposes a national night-time curfew to arrest the spread of the coronavirus pandemic and the Covid-19 pulmonary disease it causes. (Photo: Bangkok Herald)

The Federation of Thai Industries expressed concern about increasing oil prices and the depreciation of the Thai baht, telling the government both will put tremendous pressure on the country’s slow economic growth.

Chairman of the FTI Supant Mongkolsuthree explained that higher oil prices will increase production cost and prices of goods, while a sluggish economy will partly affect the baht’s value.

The Energy Policy Administration Committee resolved earlier this month to cap the diesel price at 30 baht per liter starting today until the end of this month as part of the effort to ease the impact of increasing oil prices in the global market.

The baht did see a bounce after Prime Minister Prayut Chan-o-cha announced intentions to reopen to fully vaccinated tourists from 10 countries without requiring they quarantine.