Bangkok: The Energy Policy and Planning Office (EPPO) has cut the refining margin by another 3 baht per liter. The Energy Policy Committee (EPC) has further cut the refining margin by 3 baht, bringing the total to 5 baht. This will take effect tomorrow.
According to Thai News Agency, Energy Minister Ekanat Promphan revealed that the latest meeting of the Energy Policy Administration Committee (EPAC) resolved to further reduce the ex-refinery price of fuel by 3 baht, on top of the previous reduction of 2 baht, for a total reduction of 5 baht until May 9, 2026. The announcement will be published in the Royal Gazette this evening, and the retail price reduction will take effect immediately tomorrow morning.
Mr. Ekanat stated that after May 9th, efforts will be made to further reduce diesel prices. He explained that the refining margin at the beginning of April reached over 14 baht. This was determined after requesting actual figures from all six refineries to find an appropriate refining margin that is fair to both businesses and consumers. The excess profit difference will be deducted. In the first two weeks of April alone, it was found to be an excess of 5 billion baht. This amount will be used to reduce diesel prices, with 5 baht/liter deducted from the original price reduction at the refinery level. This doesn't include the previous 2 baht reduction at the refinery, which resulted in an excess profit of approximately 4 billion baht. Including these, the excess profit recovered is around 10 billion baht. This money will be used to reduce prices at gas stations and to reduce the burden on the Oil Fund, which currently owes 62,062.06 million baht. He clarified that the 5 baht reduction at the refinery doesn't m ean a 5 baht reduction at gas stations immediately; gas station prices must be managed appropriately due to the volatility of global oil prices. The Oil Fund Management Committee (OFMC) will meet this evening to reconsider retail prices, and the situation regarding oil prices in Singapore will also be monitored.
The Ministry of Energy is preparing to propose to the government a loan of 20 billion baht to support the Fuel Fund, separate from the 500 billion baht loan that has been mentioned. Additionally, it subsidizes fuel prices for the agricultural sector, trucks, and delivery riders.
Regarding domestic oil reserves, as of April 22, 2026, Thailand has enough oil to meet demand for approximately 112 days. This includes 25 days of legally mandated reserves, 25 days of commercial reserves, 39 days of oil in transit, and 23 days of confirmed supply. As for diesel production and sales, average data from April 1-20, 2026 shows Thailand produced 79.47 million liters and sold 51.48 million liters.