Thailand will have new government next week, PM says

Thai Prime Minister Anutin Charnvirakul said on Saturday that he expected the country to have a new government next week, with a list of new cabinet members to be submitted for royal endorsement on Monday. The new government will move quickly to deliver a policy statement to parliament so it can begin its work, Anutin told a press conference. The policy statement is expected to take place around April 7-9, and will be mostly based on the election promises of Anutin's Bhumjaithai Party, including the next phase of a consumer subsidy scheme, deputy party leader Siripong Angkasakulkiat told Reuters. Anutin apologised to the public for the turmoil caused by the way oil prices have been managed in the first half of March. The government initially held prices steady for 15 days to try to ease the burden on the public, but as the war in the Middle East dragged on, it was necessary to adopt more appropriate measures to mitigate the impact, he said. Read: Several troops injured, multiple refuelling aircraft hit in Iran strike on US base in Saudi Arabia The government has stopped capping oil prices and is planning an oil tax cut, along with other support measures, to ease the impact of rising oil prices. The consumer subsidy scheme will be launched once the new government is in place, said finance ministry official Lavaron Sangsnit. Anutin urged the public not to panic, saying domestic fuel supplies remain sufficient and that ending the oil price cap would not mean a full float, as there is still some support via the oil subsidy fund. Thailand currently has 107 days of oil reserves, with additional oil shipments due to arrive by April-May, Energy Minister Auttapol Rerkpiboon said. He added that the Oil Fund is currently running at a deficit of about 38 billion baht ($1.16 billion). Foreign Minister Sihasak Phuangketkeow said the ministry has contacted Brazil, Nigeria, Kazakhstan and Azerbaijan to secure oil supplies, with all expressing readiness to cooperate. Thailand has coordinated with Iran to ensure the safety of Thai vessels through the Strait of Hormuz, Sihasak said, adding that a Thai vessel had already passed through. Coordination is underway to allow the passage of a vessel owned by Thai oil major SCG Chemicals, with more expected to follow. The Commerce Ministry is monitoring the prices of goods and services to prevent excessive hikes.