July 22, 2008
Bangkok - The government is expected to pay about 500-600 million baht of compensation to the oil traders after the excise tax cuts. Oil stock will be checked on July 24.
The compensation payment will be effective on July 25.
The inspection of oil stock will be done at the midnight of July 24.
Metta Bunterngsuk, director-general of the Department of Energy Business, revealed there would be about 210 million litres of oil left in stock.
The payment process normally takes about ninety days. But it is expected the payment can be done within one week.
The Oil Fund still has about three billion baht of cash reserves.
About 1,700 officials from interior and commerce ministry will be sent to inspect the oil stock at more than 15,000 service stations nationwide.
Inspection covers 100 oil depots as well.
