1. Dept of Energy Business (DOEB) reported 8M23 daily avg fuel consumption +2.3% yoy to 154.88m ltr/d.
2. Govt reached agreement with 288 producers, retailers, online service platforms to cut prices of 151,676 consumers goods by as much as 87%, cutting cost of living by Bt2-3b.
3. Former executives and a labor union leader of EGAT have called on the govt to allow EGAT to produce more power in order to depend less on electricity purchased from power cos, which is blamed for placing an additional financial burden on EGAT.
4. Banks announce increases in loan, deposit rates: Banks have announced they will increase both loan and deposit rates in response to the Bank of Thailand’s monetary policy direction following the decision by the central bank last week to raise its policy rate by a quarter of a percentage point. Bangkok Post
5. Govt’s effort to keep domestic diesel price below Bt30/litre til December will cause a loss of almost Bt100b for the Oil Fuel Fund, says the Oil Fuel Fund Office (Offo).
6. Industrial Estate Authority (IEAT) sees industrial land sales +182% yoy in fiscal year FY23 (Oct 1,22-Sept 30 30,23) exceeded 1k acres estimate, sets 1.2k acres target for fiscal year FY24, Japan, China, Spore, US & Taiwan registered the highest investment value in Thailand.
7. New power tariff rate takes effect: Reduces bills for last 4 months of the year. The new power tariff of 3.99 baht per kilowatt-hour (unit), which reduces electricity bills for the last four months of this year, has taken effect, following approval from the Energy Regulatory Commission (ERC), which was instructed to enact the government’s energy price policies. Bangkok Post
8. Ministry scales down headline inflation forecast to 1-1.7%: The Commerce Ministry has trimmed its headline inflation forecast for this year to a range of 1-1.7%, with an average of 1.35%, as it expects headline inflation to dip in the final quarter of the year. The previous projection was 1-2% with an average of 1.5%, estimated in July. “The inflation trend in October and the entire fourth quarter is expected to remain subdued and may turn negative. This is because the prices of food, including meat, poultry, seafood and seasonings, as well as products in the energy category such as electricity and diesel, are decreasing. There may be a price drop in the gasoline group,” said Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office. Bangkok Post
9. Oil Fuel Fund facing losses of B100bn: The government’s effort to keep the domestic diesel price below 30 baht a litre until December will cause a loss of almost 100 billion baht for the Oil Fuel Fund, says the Oil Fuel Fund Office (Offo). Bangkok Post
10. Dept of Energy Business (DOEB) reported 8M23 daily avg fuel consumption +2.3% yoy to 154.88m ltr/d.

Bonus – PM Proving he’s a salesman

1. The prime minister says he is willing to be a salesman to attract foreign investors to consider Thailand.: While the major contributing factors are external, there is hope the local currency may strengthen by year-end. The baht is roughly 37.14 against the US dollar, the lowest in nearly 11 months. The baht has depreciated this year and ranks as one of the worst-performing regional currencies of 2023. The currency weakened to 37.14 to the US dollar on Tuesday, the lowest since November 2022. The recent plunge for gold prices, which lost about 5% in value or $7.45 per ounce in one week, stimulated demand for dollars to buy the metal, resulting in further depreciation of the Thai currency. Bangkok Post
2. BOI’s joining overseas roadshow w/ PM and working group in China on Oct 17-19, APEC summit in the US Nov 11-17 and JPN in Dec.
3. PM eyes commercial hub status: Srettha maps out economic priorities. Boosting the economy, chasing greater economic engagement with other countries and paving the way for a sustainable future are three of the newly installed government’s top priorities, Prime Minister Srettha Thavisin said yesterday. Bangkok Post
4. PM’s asked the armed forces to delay their arms procurement plans for the 2024 fiscal year so Govt can spend its budget to help those who are most in need.
5. Premier backs vehicle supply chain: Vow to Japanese includes incentives to produce cars with internal combustion engines. Prime Minister Srettha Thavisin reaffirmed to the Japanese government that the Thai government will continue to support the production of internal combustion engine (ICE) vehicles for the next 10-15 years to ensure a smooth transition to electric vehicles (EVs). Bangkok Post