The board of the Oil Fuel Fund Office (OFFO) on Monday resolved to cut the oil fund contribution rate and consequently retail oil prices will fall by one baht per litre.
Energy Minister Pirapan Salirathavibhaga who chairs OFFO said the retail petrol and diesel prices would be reduced twice by 0.50 baht per litre each this Friday and April 4.
The resolution was based on the downward trend in global oil prices and the status of the Oil Fuel Fund.
Mr Pirapan said he hoped the oil price reduction would be a gift for motorists ahead of the Songkran festival.