Category: The Bangkok Post

The digital platform economy presents Thailand with a critical duality: it is both a powerful engine for sorely needed economic growth and an area that necessitates careful regulatory oversight.

As the global economy continues to slow and Thailand’s overall economic growth stagnates, the digital sector has never been more vital.

The Ministry of Digital Economy and Society projects that Thailand’s broad digital GDP this year will reach 4.69 trillion baht, a robust 6.2% growth rate that is more than three times the overall GDP projection. This underscores the sector’s crucial role in national development, with the digital services sector alone expanding by 5.7%.

The e-Conomy SEA 2024 report by Google, Temasek and Bain and Company estimated Thailand’s digital economy measured by gross merchandise value was worth $46 billion (1.5 trillion baht). This immense digital ecosystem — driven by e-commerce, transport, online food delivery, online travel and media platforms — represents a high-stakes foundation for the nation’s economic future.

The report identifies the components of the digital economy based on four platform business types:

E-commerce: valued at $26 billion, up 19% year-on-year;

Transport and online food delivery: worth $4 billion, up 6%;

Online travel: valued at $10 billion, up 32%, the fastest growth rate in Southeast Asia;

Online media such as video-on-demand, music-on-demand and games: worth $6 billion, up 7%.

Essential Intermediaries

Digital platforms function as essential intermediaries, connecting users in a manner that aligns with the definition of a market — for instance, linking buyers with sellers, riders with passengers, or consumers with restaurants and delivery services.

However, platforms distinguish themselves from traditional markets through two key qualities: close-to-unlimited scale and multi-faceted transactions. In essence, platforms are more advanced markets that drive efficiency as the volume of buyers and sellers grows.

Buyers benefit from greater product and service variety, lower prices and better promotions. Sellers gain access to vast consumer bases across the country 24/7. Platforms also lower the entry barriers for entrepreneurs, allowing small businesses to set up online stores instantly without heavy investment.

For consumers, platforms offer greater product variety, competitive pricing and attractive promotions. For entrepreneurs, especially smaller SMEs — a particularly vulnerable group in the current economy — platforms are transformative.

Critically, platforms offer a significant cost advantage over traditional retail, where combined gross profit and administrative charges can consume 40% to 50% of gross sales. This ability to lower costs and reach vast consumer bases is a primary driver of the entire digital economy’s sustained expansion.

Credibility and Protection

The rapid concentration of market power that accompanies this growth, however, has led to understandable concerns over potential market monopolies and non-transparent practices. Recognising the increasing importance of online platforms to the economy and society, and the imperative to ensure financial security, credibility and reliability, the Electronic Transactions Development Agency (ETDA) introduced the Royal Decree on the Operation of Digital Platform Service Businesses that are Subject to Prior Notification BE 2565 (2022).

The core rationale of this digital platform services (DPS) law is fourfold:

Enhance credibility and transparency: to build trust in the burgeoning digital transaction ecosystem;

Consumer and user protection: to prevent possible damage to the public and provide protection for platform users;

Ensuring financial security and reliability: requiring a system to maintain security, credibility and reliability in online transactions;

Information collection for effective governance: mandating prior notification of business details to the ETDA and annual updates for larger platforms, to provide the necessary data to monitor the market and formulate effective future policies.

All platforms meeting certain thresholds — such as annual revenue exceeding 1.8 million baht for individuals or 50 million baht for legal entities, or more than 5,000 monthly users — must notify the ETDA of their operations.

Specific obligations, such as verifying merchant identities and displaying necessary regulatory marks, have also been placed on large online marketplaces, along with enhanced regulatory duties, like verifying riders and passengers on ride-sharing platforms. This demonstrates a clear move toward tailored and risk-based governance.

Balancing Act

While the industry recognises and welcomes the government’s need to ensure a fair and safe digital environment, the central challenge remains the delicate balancing act of how to regulate without killing innovation.

The risk of over-regulation, especially a system that relies on outdated, conventional trading paradigms such as burdensome, costly and time-consuming licensing or approval regimes, must be carefully managed. For many SMEs, excessively high compliance costs — even minor ones — could significantly hamper their ability to survive or scale.

The moment regulations cease to offer a marginal consumer protection benefit but instead impose a heavy burden, they transition from being a guardrail for growth to an obstacle against it.

Digital platforms are not opposed to regulation; in fact, they desire predictable, clear and context-aware regulations that minimise compliance friction while achieving the public policy objectives of fairness and safety.

The goal must be to design regulations that are intrinsically digital: light-touch for smaller players and proportionate to a platform’s risk and size.

Foreign Platforms

Government oversight of digital platforms must be comprehensive and equitable. It should not be confined solely to platforms legally registered in Thailand. Instead, state agencies must urgently expand their regulatory reach to cover international platforms operating but not registered within the country.

This action is critical to mitigate risks faced by Thai consumers and entrepreneurs arising from non-standardised operations. Furthermore, it is essential to prevent the nation from losing valuable tax collection opportunities.

Collaborative Governance

Given the critical juncture for Thailand’s economy, and a target to raise the digital economy’s contribution to 30% of GDP by 2027, from about 27% now, a cautious, consultative approach is not just advisable — it is vital.

Authorities must ensure that regulations do not inadvertently become barriers that restrict new investment or impede the continuous product and service development that modern consumers demand.

This requires meaningful consultation between the government, the private sector and civil society to rigorously assess the impact of all regulatory measures, especially those with significant compliance costs.

A collaborative approach will allow all parties to set a direction that creates the maximum benefit for all stakeholders across the entire ecosystem.

By prioritising smart, flexible and forward-looking governance, Thailand can successfully mitigate the risks of the platform economy while maximising its opportunities, ensuring that the digital sector remains a strong and sustainable foundation for long-term economic development.

CG Capital Advisory, the private equity arm of Central Group, plans to invest over 5 billion baht to develop five hotels in Phuket and Samui, alongside the launch of the InterContinental Residences Bangkok Asoke, a 5.5-billion-baht condominium project.

Phoom Chirathivat, managing partner and co-head of CG Capital, said that one of the hotels will be in Samui, while the remaining four will be in Phuket, with one featuring a water park.

“From our initial investment budget of 10 billion baht, we have so far committed 8.5 billion baht in equity across seven projects since our establishment last year,” he said. “The remaining 1.5 billion baht will be allocated to one or two additional projects.”

One of the upcoming investments, to be made within the next 18 months, will be a branded residence project in Bangkok, developed on a leasehold plot.

Of the seven committed projects, two are branded residences in Phuket and Bangkok. The Phuket development, The Standard Residences Phuket Bang Tao, was launched last year and has achieved 85% sales, with Thai buyers accounting for 60% of total units sold.

The Bangkok project, InterContinental Residences Bangkok Asoke, valued at 5.5 billion baht, will be on a 1.5-rai plot on Sukhumvit Soi 16. It will be the world’s first standalone InterContinental-branded residence.

The development will feature a 32-storey tower with 88 units, ranging from two-bedroom units of 139 square metres to a duplex penthouse of 547 sq m, priced between 40.8 and 245 million baht, or an average of 350,000 baht per sq m.

According to property consultancy CBRE Thailand, Thailand led the Asia-Pacific region and ranked fourth globally, following the United States, United Arab Emirates (UAE) and Mexico, in terms of the number of branded residences as of the fourth quarter of 2024.

In Bangkok, which ranked seventh among global cities, there are 11 branded residence projects, comprising nine five-star hotel-branded and two non-hotel developments.

“However, only three of the hotel-branded residences are freehold, and they have recorded very strong sales, with 93% sold and just 33 units remaining on the market,” said Artitaya Kasemlawan, head of residential sales projects at CBRE Thailand.

She said super-luxury and branded residence condos in downtown Bangkok generate an average rental yield of 4.8% a year, with the highest yields reaching 7.9%, while Grade-A serviced apartments in Sukhumvit enjoy rental growth of 8.5%.

“Sukhumvit remains Bangkok’s most sought-after address for expatriates, accounting for 65% of demand, compared with 18% for Silom-Sathorn and only 9% for Central Lumpini and Siam,” she added.

She said the average asking price of freehold, future off-plan units in the high-end and above segments in Central Lumpini and Sukhumvit around 2014 were roughly 210,000 and 175,000 baht per sq m, respectively.

During 2020-2022, Central Lumpini surged ahead, reaching 480,000 baht per sq m, while Sukhumvit stood at 250,000 baht per sq m.

By the second quarter of 2025, prices stood at 368,571 baht per sq m for Central Lumpini and 366,000 baht per sq m for Sukhumvit.

India’s long-vaunted services sector has been boosted in recent years by the exponential growth of Global Capability Centres, multinational corporations’ offshore hubs. However, President Donald Trump’s administration is now threatening to dramatically alter the landscape for Indian workers, even as GCCs face several domestic challenges.

By the end of 2024, India had 1,700 GCCs, wholly owned and controlled by their overseas parent companies. GCCs generated over US$64 billion in revenue last year and employed almost 2 million people, accounting for 17.2% of India’s service exports, up from 12.5% in 2015, according to FactSet. India has much to offer global corporations, including a low-cost talent pool of 1.5 million engineering graduates a year, as well as urban workers with English language skills and an efficient digital connectivity infrastructure.

GCCs used to primarily be back-office support hubs. Repetitive jobs like customer support and HR operations represented 60% of their activities in 2010, according to GCC Consulting. But they constitute only around 20% today, giving way to more knowledge-intensive R and D, technology, and financial services work. Nearly one-fifth of the world’s chip design engineers, including those of Intel, Nvidia, Qualcomm and MediaTek, are located in India. Amazon’s largest office in the world in terms of area and headcount is in Hyderabad. And almost 20% of Goldman Sachs’s global staff are in Bengaluru and Hyderabad.

In short, India’s GCCs are now a significant cog in the global economy.

However, the US has thrown some rather large spanners in the works that could disrupt India’s relationships with global corporations. First, the administration introduced a new $100,000 (3.2 million baht) application fee for H-1B visas, over 70% of which were given to workers from India last year. This could shut down one of the main talent channels for US technology companies, driving up IT service costs and increasing the offshoring of services, according to technology research provider Forrester.

On the face of it, this should be good for Indian GCCs. Not only could it increase their revenue pool, as it would likely result in more US companies relying on offshore talent, but it could also help India retain more of its skilled workers. But the US could also hike the cost of offshoring via the recently proposed HIRE Act (Halting International Relocation of Employment), which seeks to impose a 25% tax on payments by US businesses to foreign entities for services directly or partially benefitting American consumers.

The act may not have enough support to become law. And even if it does, the additional tax would not meaningfully reduce the cost advantage of GCCs compared to paying for the equivalent services in the US or other Western nations. But the proposal of the HIRE Act sends a signal that Washington is becoming increasingly serious about curbing offshoring by US companies. Several Western nations appear to view the US’s growing aversion to overseas talent as an opportunity. Germany’s ambassador to India recently highlighted Germany’s stable immigration policies and high-end jobs in a message specifically targeted to “talented Indians”.

Domestic obstacles could also upend the growth of Indian GCCs, most notably the limited availability of workers with the right skill set. India’s largest staffing company, TeamLease, recently noted that only 45% of India’s engineering graduates each year are meeting industry standards in terms of skill-readiness, a number that’s shrinking further as they struggle to keep up with advancements in artificial intelligence.

Collaborations between industry and academia will therefore be essential. While such efforts are being supported by several programmes, this will likely need to be accelerated.

India’s GCCs will also need to look beyond the top-tier cities for talent. The Ministry of Electronics and Information Technology’s upcoming GCC policy framework has specific targets for GCCs in tier-2 and tier-3 cities such as Kochi, Jaipur and Indore.

Still, meeting all of the government’s GCC targets will likely be challenging given not only the talent issues, but also the gaps in physical and digital infrastructure outside of the top-tier cities.

GCCs have the potential to continue boosting India’s service exports for years to come. But sustaining this growth will require policy interventions and significant investments. It’s a long road ahead.

Tourism operators are urging the government to intensify efforts against transnational cyber scams based in Cambodia, including travel screening for foreigners potentially lured into scam compounds, as South Korea’s crackdown on the industry is deterring its citizens from visiting Southeast Asia.

Last week, South Korea issued a travel ban to parts of Cambodia, after a Korean student was allegedly tortured to death at a scam centre. The Korean government also sent officials to Phnom Penh to seek the release of South Korean nationals held in a compound.

News reports have also highlighted South Koreans cancelling their trips to not only Cambodia, but other nearby destinations, as they are concerned about the Southeast Asian region.

Thanet Supornsahasrungsi, president of the Association of the Chonburi Tourism Federation, said based on informal discussions held with a Korean travel agency, the cyber scam problem has now become a big issue in Korean society.

The agent said that although tour packages booked for Pattaya and Thailand by the Korean market haven’t been cancelled, new bookings have been growing at a very slow pace, said Mr Thanet.

He said the South Korean market in Pattaya this year is estimated to have decreased by 20-30% since the beginning of the year, as many clients shifted their trips to Vietnam due to cheaper travel costs and new attractions.

This issue would also further hamper tourism in nearby eastern provinces, such as Chanthaburi and Trat, which usually gained foreign tour groups which also visited Cambodia by land, but the market has deteriorated due to the Thai-Cambodian border skirmishes.

He said the government should act faster and be more rigid in coordinating with South Korea, the US and other governments to combat transnational scams, while demonstrating that the country does not have any involvement in running such scam compounds.

Adith Chairattananon, honorary secretary-general of the Association of Thai Travel Agents, said Thai tourism is very sensitive to the overall Southeast Asian cyber scam issue.

The severe impact has been felt since the kidnapping of Chinese actor Wang Xing to a scam centre in Myanmar early this year, which resulted in a sharp drop in Chinese arrivals of more than 35% in the first nine months.

So far, there have not been booking cancellations from South Korea to Thailand — only cancellations from that market to Cambodia, said Mr Adith.

He said as well as coordinating with other nations, the government should upgrade any measures to prevent foreigners with risky behaviour from visiting Cambodia from Thai airports as they might be unintentionally lured to work in scam centres.

Mr Adith said it was unlikely that the number of South Korean arrivals would reach the 1.8 million arrivals recorded last year, but it could potentially reach 1.5 million.

As of Oct 12, Thailand welcomed over 1.2 million South Korean tourists, securing the fifth largest inbound market.

People in eight southern provinces are warned to prepare for torrential rain from Thursday to Sunday with possible flooding, forest runoff and landslides.

The high pressure system over China is forecast to expand and cover upper Thailand on Thursday, Kamol Phromsaka Na Sakolnakorn, director of the Southern-east Coast Meteorological Centre, said on Tuesday.

The system will strengthen the monsoon trough that prevails over the South and the Gulf of Thailand, until Sunday.

During this period, eight provinces in the region are expected to experience heavy rain – Chumphon, Surat Thani, Nakhon Si Thammarat, Phatthalung, Songkhla, Pattani, Yala and Narathiwat.

Residents are warned to prepare for possible flash floods, forest runoff and landslides in risk areas. Winds in the Gulf of Thailand will intensify, with waves up to two-metres high.

“People should closely follow the updates from the Meteorological Centre,’ Mr Kamol said.

On Monday, many roads on the southern island of Phuket were left flooded after heavy rain in the morning.

Buriram United’s new head coach Mark Jackson says his men are ready to face Melbourne City in the third match of the AFC Champions League Elite league stage on Tuesday.

The Thunder Castle currently sit seventh in their group with three points ahead of the away game, which will kick off at 2.45pm (Thai time). The match will be streamed live on YouTube via BG Sports.

Jackson, who previously coached Central Coast Mariners, expressed excitement about leading a new team in familiar territory. “It’s an honour to represent a top Thai club. The players and staff have welcomed me warmly, and we’ve worked hard to prepare for this match,” he said.

Buriram United won their opener against Johor Darul Ta’zim 2-1 but lost 0-3 to FC Seoul. Melbourne City have yet to earn a point after two defeats.

Chonburi coach resigns

Chonburi’s lacklustre start to the Thai League 1 season continued on Sunday night as the struggling Sharks were held to a 1-1 home draw by 10-man Chiang Rai United.

The result stretched their winless streak to eight matches and prompted head coach Teerasak Pho-on to announce his resignation immediately after the final whistle.

“I take full responsibility for the results,” Teerasak said after the match. “It is time for me to step aside for the good of the club.”

Elsewhere, Kanchanaburi Power were also held to a 1-1 draw at home, while Rayong and visiting PT Prachuap shared the same scoreline in their encounter.

Uncertainties surrounding next year’s election and the administration that will subsequently take office have prompted foreign investors to continue to underweight Thai stocks, though they have looked at investing in sectors that have benefited from stimulus measures such as the “Khon La Khrueng” and tourism co-payment schemes.

Prime Minister Anutin Charnvirakul has said that the House of Representatives will be dissolved by January next year, one of the conditions set by the People’s Party, which has the most parliamentary seats, in exchange for supporting Mr Anutin as the new premier.

“We believe the [Thai] general elections will likely be held on March 29, 2026, and the new government should be in office in late-May 2026. However, it is not yet certain who will come into power after the elections,” said Kasem Prunratanamala, head of research at CGS International Securities.

Speaking after a meeting with institutional clients in Hong Kong on Oct 15-17 to update them on the Thai stock market, Mr Kasem said that institutional investors were still cautious on the Thai market and most of them are underweighting it as they believe the political situation in Thailand will become clearer over the next few months.

“Clients in Hong Kong are looking for opportunities to invest in the Thai market, particularly sectors they believe will benefit from the government’s stimulus measures such as the co-payment scheme, subsidies for the tourism sector as well as potential subsidies on shopping during the festive season in December,” he noted.

Nevertheless, the current parliamentary session will end on Oct 30, 2025, and will be reconvened on Dec 12 until April 10, 2026. Consequently, if the opposition parties do not file a no-confidence motion by Oct 30, they will have to wait until Dec 12, 2025.

“It is unlikely that the minority Bhumjaithai-led government can survive a no-confidence motion. As such, we believe that Mr Anutin will have to dissolve parliament in January 2026 as pledged,” Mr Kasem noted.

And although the government’s stimulus measures may catalyse the market, CGS believes these are already priced in.

“Downside risks are intensifying political uncertainty if the opposition parties file a no-confidence motion and/or if petitions against the government are brought to court, and from renewed clashes between Thailand and Cambodia,” he said.

CGS has therefore retained its end-2025 Stock Exchange of Thailand (SET) index target at 1,155 points, said Mr Kasem.

The brokerage expects the Bank of Thailand to cut its policy rate by 25 basis points to 1.25% at its next meeting on Dec 17, and possibly make two more cuts to 0.75% by 2026, which CGS believes could help boost the market, he added.

KGI Securities (Thailand) said investment sentiment on consumption plays and interest rate sensitive counters should remain solid, as registration for the “Co-payment plus” began on Monday for spending to commence on Oct 29.

The brokerage expects the Finance Ministry and Bank of Thailand to reveal more details about the household debt bailout by the end of October, benefiting non-bank finance and selective consumption stocks.

Taylor Swift may never know it but lyrics from the US pop superstar’s latest album are motivating Abhisit Vejjajiva in his bid to redeem the popularity of the Democrat Party.

Mr Abhisit admitted on Tuesday he faced an uphill battle in recapturing voter support for the country’s oldest party in his second stint as leader, amid signs that more members are set to defect to rival parties ahead of the coming general election.

“What other parties are doing in wooing our people, it is like they want to shatter the Democrats,” he said in an interview with CU Radio of Chulalongkorn University.

“But a shattered glass is a lot sharper,” he warned.

The Oxford-educated former prime minister borrowed the words from the song Cancelled, co-written by Swift, on her latest album, The Life of a Showgirl. The phrase rapidly gained fame after the album was released early this month.

“But a shattered glass is a lot sharper. And now you know exactly who your friends are (You know who we are),” the song says. (continues below)

Mr Abhisit admitted that some members will definitely leave the Democrats soon, having sealed deals with another party.

His admission aligns with a statement by Bhumjaithai Party deputy leader Pipat Ratchakitprakarn on Oct 7. He said then that some Democrat politicians would certainly join Bhumjaithai, regardless of who became the the new leader of the Democrats.

“My first mission is to restore the party,” Mr Abhisit said. “I want to tell them that I will use the sharpness of the shattered glass to end the circle of vote-buying and corruption.”

Mr Abhisit, 61, said he bought The Life of a Showgirl two weeks ago.

One of his first messages after being reinstalled as Democrat leader on Saturday was a reference to Swift’s lyrics as being an inspiration for the task in hand during his second tenure.

Mr Abhisit, who started work as party leader on Monday, is also an avid fan of Irish rock band U2 and the Newcastle United football club.

Thailand’s annual 10-day Vegetarian Festival kicks off today. Digital travel platform Agoda joins the celebration by unveiling a curated list of the best destinations for vegetarians, highlighting markets where plant-based travellers can indulge in local culinary delights.

Globally, there are 1.5 billion vegetarians, making up nearly 20% of the world’s population, according to the World Animal Foundation. This growing demographic finds a welcoming home in Asia, where the rich culinary heritage, diverse ingredients and traditional plant-based dishes make it one of the best places for vegetarian food. The region’s emphasis on fresh produce, herbs and spices offers a unique and flavourful experience for plant-based travellers.

Here are the top vegetarian-friendly destinations for travellers looking to embark on a culinary adventure.

Phuket, Thailand

Phuket will transform into a vegetarian paradise during the Thailand Jay Food Festival until Oct 29. This vibrant event celebrates plant-based living with an array of meat-free dishes featuring traditional Thai flavours. Key ingredients include tofu, mushrooms and a variety of fresh vegetables, making it a must-visit for those seeking authentic Thai vegetarian cuisine.

Tainan, Taiwan

Tainan’s street food scene is a delight for vegetarians, with tofu being a staple ingredient. The city’s night markets offer a variety of plant-based snacks and meals, allowing visitors to experience Taiwan’s vibrant food culture.

Rishikesh, India

As a vegetarian-only city, Rishikesh offers a unique experience for plant-based travellers. The absence of alcohol and meat aligns with the spiritual atmosphere of this yoga capital. Visitors can enjoy a variety of Indian vegetarian dishes, rich in spices and flavours, while embracing the peaceful surroundings.

Ho Chi Minh City, Vietnam

Known for its chay (vegetarian) restaurants, Ho Chi Minh City offers a plethora of options for plant-based diners. The city is famous for its vegetarian pho and bun dishes, enriched with abundant herbs and fresh vegetables. This culinary scene provides a delightful exploration of Vietnamese flavours without compromising on dietary preferences.

Kyoto, Japan

Kyoto is renowned for its traditional Buddhist cuisine, known as shojin ryori. This ancient culinary practice emphasises simplicity and balance, using seasonal vegetables, tofu and seaweed. Visitors can experience the serene and mindful approach to eating that has been perfected over centuries in this cultural hub.

Jeonju, South Korea

Jeonju, the birthplace of bibimbap, is a haven for those who appreciate fresh vegetables and fermented foods. This iconic Korean dish is a colourful mix of rice, vegetables and gochujang (red chilli paste), offering a taste of Korea’s rich culinary heritage.

Ubud, Indonesia

Ubud is a hub for plant-based cafes and a paradise for those seeking healthy, organic meals. The local cuisine features tempeh, a traditional Indonesian soy product, along with a variety of fresh fruits and vegetables, making it a top choice for health-conscious travellers.

Penang, Malaysia

Penang is famous for its street food, with Chinese and Indian influences creating a diverse and flavourful vegetarian scene. Visitors can savour dishes like char kway teow and rojak, which are easily adapted to vegetarian versions, offering a taste of Malaysia’s multicultural culinary landscape.

The domestic diesel price is set to be reduced by 0.50 baht a litre on Tuesday, thanks to a decline in global crude oil prices, says Energy Minister Auttapol Rerkpiboon.

The lower price comes after the Fuel Fund Executive Committee resolved to reduce motorists’ contribution to the state Oil Fuel Fund in a meeting chaired by Mr Auttapol on Monday.

The committee will also seek cooperation from oil retailers to trim gasoline prices by 0.30 baht a litre.

The move will lead to the diesel price falling to 30.94 baht a litre, down from 31.44 baht, while gasohol — a mix of gasoline and ethanol — will become less expensive, although the price of this fuel may not decrease by 0.30 baht a litre, as it would depend on how much ethanol is blended.

The drop in crude oil prices plays an important role in the reduction of the retail prices of oil as well as helping the government to implement its policy to maintain appropriate energy prices for businesses and households, said Mr Auttapol.

Dubai crude oil reference has continued to decline to US$61.32 a barrel due to various factors, including the easing of diplomatic pressure on countries that wish to purchase oil from Russia.

The International Energy Agency also forecasts a global oil oversupply, driven by ongoing production growth from OPEC+ and a weakening global economic outlook that is dampening energy demand.

These circumstances support the state’s “Quick Big Win” policy, which is pushing for swift, impactful and broadly beneficial projects. In the energy sector, lower oil prices would ease the cost of living.

“Energy is a fundamental necessity that affects our daily lives. The recent reduction in diesel prices continues the downward trend that began in early October,” said Mr Auttapol.

The financial status of the Oil Fuel Fund, which is used as a buffer against crude oil price fluctuations, is improving.

As of Oct 19, the fund accumulated a loss of 14.7 billion baht, comprising a 26.9-billion-baht gain in the oil account and a 41.6-billion-baht loss in the liquefied petroleum gas account.

The latest reduction in oil prices would cause the fund to see its revenue from gasoline decrease to 83.1 million baht a day, down from 92.7 million baht a day, while revenue from diesel remains unchanged at 61.7 million baht a day.