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| Govt to Meet with Economic Agencies on Oil Price Problem |
| UPDATE : 19 May 2008 |
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The government will meet all boards tomorrow, expecting solutions to combat the increasing oil price. Gasoline prices and the inflation rate may break record highs.
Finance and Deputy Prime Minister Surapong Suebwonglee will preside over a board meeting of the National Economic and Social Development Office, Fiscal Policy Office, Budget Office and the National Bank tomorrow. The subject will be the impact of the oil price hike, which is predicted to reach 39 to 40 baht per litre, resulting in an increase in the inflation rate.
The oil price base of the Fiscal Policy Office is rising from 83 dollars per barrel to 102 to 103 dollars per barrel which will cause the inflation rate to increase from 4% to 5 to 5.2%.
Ampon Kittiampon Secretary of the National Economic and Social Development Office said their database will be updated in order to carry out economic evaluations. The oil price will increase from 85 dollars to 110 dollars per barrel, and inflation from 3-3.5%to4-5%.
On the same day, the People Network will assemble at the Democracy Monument before marching to the Parliament, to urge Prime Minister Samak Sundaravech to focus on economic problems rather than the constitution amendment, as living expenses have increased by 70 to 120% while wages went up only by 2 to 11 baht.
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