Thailand’s Oil Fund Burns $32 Million A Day to Cap Diesel Prices

The Thai government is widening efforts to curb demand for fuel, as it bleeds cash fighting to keep domestic diesel prices artificially low amid surging global energy costs.

The state-run oil fuel fund, which is now being used to subsidize diesel, is now losing more than 1 billion baht ($32 million) a day, Energy Minister Auttapol Rerkpiboon told local broadcaster MCOT on Wednesday. The government estimates accumulated losses may reach 10 billion baht by March 18, according to cabinet documents released Tuesday.