Prices at the pump in Thailand will tumble by as much as eight baht a litre today after the government gave the green light for a measure slashing contributions by refineries to the State Oil Fund.

Energy Minister Pichai Naripthaphan said contributions and value-added tax have been cut by three baht a litre for diesel, 7.17 baht for 91 octane petrol and 8.02 baht for 95 octane petrol.

The National Energy Policy Committee, chaired by Prime Minister Yingluck Shinawatra, approved the reductions yesterday.

Read more: Bangkok Post