BANGKOK — 15 July 2026, Thailand will continue using contributions from oil refineries and the Oil Fuel Fund to cushion domestic fuel prices against sharp increases in global markets, Energy Minister said.
Speaking at Government House, Energy Minister Eknat Promphan said global oil prices had risen sharply over the past week due to escalating tensions in the Middle East, pushing up prices for all types of fuel.
Despite the increase, he said Thailand would continue using existing price management mechanisms to soften the impact on consumers.
The measures include reducing refinery gate prices by using contributions from domestic refineries and drawing on the Oil Fuel Fund to stabilise retail prices at petrol stations.
“The Ministry of Energy will monitor the situation every day to ensure domestic fuel prices do not rise as quickly or as sharply as global oil prices,” Eknat said.
When asked whether fuel prices would remain unchanged for now, the minister said adjustments would be assessed on a day-to-day basis.
However, he stressed that any increases or decreases would be gradual rather than sudden.
“We will avoid abrupt price hikes,” he said.
Eknat also sought to reassure the public over fuel supplies, saying Thailand has sufficient crude oil and refined petroleum stocks.
He said crude oil supplies remain unaffected, while storage tanks are holding ample reserves of refined fuel.
“I can confirm that Thailand will not face fuel shortages,” he said.
The minister said the government would continue balancing market-based pricing with measures to protect consumers from excessive volatility.
He added that the government had already allocated 10.5 billion baht through existing mechanisms to help lower retail fuel prices.
According to Eknat, when global oil prices declined previously, the government relied primarily on refinery contributions rather than drawing heavily on the Oil Fuel Fund, which had already been carrying a deficit before he took office.
He reiterated that both refinery contributions and the Oil Fuel Fund would continue to be used to prevent domestic fuel prices from fluctuating as dramatically as those in the global market.
