Government suspends oil subsidies except diesel to avert financial crisis

14 Sept 01:47 Key points summarised by AI

The government suspended most oil subsidies, except for diesel, to prevent a severe financial crisis akin to the 1997 'Tom Yum Kung' crisis, citing unsustainable losses from the Oil Fuel Fund.
The Oil Fuel Fund, responsible for stabilizing domestic fuel prices, has incurred 38 billion baht in total losses, with the remaining diesel subsidy costing 1.3 billion baht daily.
While diesel prices remain partially subsidized and are currently lower than in several ASEAN countries, the Finance Minister urged the public to adapt to new global oil market realities.
A panel has been formed to consider a windfall tax on oil refineries and review refining costs, while the Energy Ministry is implementing measures to ensure fuel supply for the upcoming Songkran holiday and alleviate existing shortages.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.