00:00Motorcyclists and drivers are filling up at gas stations, but prices are starkly different in Thailand and Vietnam.
00:08While Vietnam has implemented measures to reduce gasoline prices,
00:13Thailand has had to raise prices to ease financial pressure on the government.
00:19According to Thailand's Ministry of Energy, the gasoline 95 price stands at 41.05 bar per litre
00:27compared with 32.01 bar per litre in Vietnam.
00:31To stabilise gasoline prices and the energy market,
00:34Vietnam has cut environmental protection taxes on petrol, diesel and jet fuel to zero,
00:40despite a reduction in government revenue of $276 million per month.
00:46Vietnam has also injected more than $300 million into its fuel price stabilisation fund to curb price volatility.
00:54However, Thailand has been forced to raise gasoline prices to avoid financial prices,
01:02as the oil fuel fund deficit has exceeded $42 billion.
01:07At a meet-the-press event, Prime Minister Anutin Chang-weiragun apologised to the public for the fuel price turmoil,
01:13saying that if each Thai household reduced fuel consumption by one litre per day,
01:19the country could save $2 million daily to avoid a repeat of the 1997 Dongyangun prices.
01:26The financial minister said blanket subsidies are no longer practical.
01:30With limited authority, Anutin's interim cabinet has yet to implement effective measures to address the crisis,
01:38though he has vowed to form a new cabinet within the week.
01:43Thailand might see higher gasoline prices and electricity bill in the near future.
01:49How high oil prices could climb?
01:53And will inflation impact all markets?
01:56I will talk to experts this week to give you more insight to project Thailand's move in this crisis.
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