it is still important to maintain the size of the Oil Fund to stabilise the domestic oil price, which tends to be volatile. The Oil Fund can easily run at a loss when it has to subsidise local prices when the global price rises, as was the case a few years ago.
Amid this change, the government should reconsider its energy policy. Of course, people would be happy if the price of petrol dropped. But it is too early to assume that the weak global oil price will remain at record lows for long.
Instead of expecting cheaper gasoline and other products, the Thai government and the people should instead take this opportunity to restructure the energy policy for sustainable consumption in the future to reflect the fact that Thailand is dependent on oil imports. And Thais should consume with conscience.
For instance, the government could continue to collect contributions from the Oil Fund to support alternative energy development in Thailand. A campaign for greater energy efficiency should be promoted.