GULF Says No Impact from Stimulus Package, Also Benefiting from Crude Oil Price Drop

Gulf Energy Development Public Company Limited (GULF) has released a statement in reference to the resolution of the Cabinet meeting on March 10, 2020 re: economic stimulus measures related to electricity tariff by maintaining the Ft rate for May 2020 at the rate of -11.60 satang per unit and reducing electricity tariff by 3% for all users for 3 months (April – June 2020), GULF has clarified that the aforementioned measures will have insignificant impact on the GULF’s financial performance, approximately 50 million baht or 1.02% of net profit of 4,887 million baht in 2019.

GULF as well addressed that the natural gas price has a tendency to decline following the drop in crude oil price, resulting GULF to benefit from the reduction in fuel cost.