KBANK, PTT launch packages for clients hit by surging oil prices 

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Thailand’s leading lender Kasikornbank Plc (KBANK) has teamed with PTT Oil and Retail Business Plc (OR) to offer urgent relief packages for retail clients and SMEs affected by the recent spike in oil prices. 

The measures include cashback of up to 100 baht for PTT Blue credit card holders and e-wallet users in the Blue CONNECT application after refueling at a PTT station, as well as loans to help impacted SMEs with liquidity. 

“The ongoing Russia-Ukraine conflict has driven up operators’ costs in various manufacturing sectors, particularly transportation and logistics that are heavily dependent on oil,” said Krit Jitjang, KBANK President. 

Customers in general are also facing higher travel expenses, he added.

Cashback for PTT Blue credit card holders is now available until May 31, while those who use e-wallet in the application will be able to receive cashback from April 1 to May 31, according to the bank’s website.

For SMEs, KBANK will run an assistance programme from April 1 to May 31. The impacted business owners will be eligible for extra credit to boost liquidity, with principal payment waived.

“Global oil prices are tending to see larger fluctuations, and that will naturally warrant close attention,” said OR senior executive Wison Suntharachan., hoping this collaboration will ease the burden on Thai people. 

Recently, the uptick in oil prices has rendered the Thai economy more vulnerable as it struggles to recover from the Covid-19 epidemic, which has devastated the key tourism industry.

Many research units are now concerned about inflation caused by higher fuel prices to further lower people’s spending and consequently hinder the country’s economic growth this year. 

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